Multichain ethereum binance chain 60m binance

Binance Labs, the venture capital arm of the sprawling crypto exchange, has led a $60 million investment in Multichain, a cross-chain protocol.

Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey all participated in the round alongside Binance Labs, according to a press release.

Formerly known as Anyswap, Multichain builds infrastructure for a range of blockchains including Ethereum, Binance Smart Chain (BSC) and Avalanche. There is more than $5 billion in total value locked (TVL) in the protocol, and it currently boasts upwards of 300,000 users.

“Multichain is a key contributor to the multi-chain future for crypto.


Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi DApps in cross-chain ecosystems. We will remain on the frontline of cross-chain research,” said Zhaojun, the Co-founder of Multichain.

Bill Chin, Head of Investment at Binance Labs, said: “Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto landscape, which is why we are fully supporting Multichain.” Peter Huo, Investment Director at Binance Labs, added: “Multichain is a key contributor to the multi-chain future for crypto.


SINGAPORE, Dec. 21, 2021 /PRNewswire/ — Multichain (previously Anyswap), the world’s leading cross chain protocol, raises a $60 million financing round at $1.2 billion valuation led by Binance Labs, joined by Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey. Besides backing Multichain financially, all the supporters will be jointly involved in the project’s development at a deep level to achieve the common vision for web3.

Multichain, rebranded from Anyswap, will continue with what it has achieved to date as a router protocol for Web3.

Binance Labs, the venture capital and incubation arm of Binance cryptocurrency exchange, has led a financing round for the cross-chain protocol Multichain, previously known as AnySwap.

Multichain has secured $60 million in a preliminary fundraising round led by Binance Labs, the startup formally revealed on Tuesday, just days after rebranding from AnySwap.

Sequoia China, IDG Capital, Three Arrows Capital, Primitive Ventures, DeFiance Capital, Circle Ventures, Hypersphere Ventures, HashKey, and Magic Ventures were among the other venture capital firms and industry investors who participated in the round.

Binance is strengthening its engagement with the cross-chain protocol in addition to donating funds to Multichain.

Each chain will have it’s own native bridge and other on-ramps which vary in user experience.

Multichain is growing fast with $35 billion in trading volume to date and looking to fulfil this niche to develop a first mover advantage. High gas fees on Ethereum’s mainnet are pushing retail users towards alternative EVM (Ethereum Virtual Machine) blockchains and there is a need for interoperability between chains.

Anyswap started out as a cross-chain AMM but in early 2021 they removed the DEX functionality to focus on bridging services.

In December they launched their new Cross-Chain Routing Protocol which aims to allow the interoperability of assets across blockchains.

The user interface is intuitive for anyone that has used an automated market maker before.

We will remain on the frontline of cross-chain research,” said Zhaojun, the Co-founder of Multichain.

Bill Chin, Head of Investment at Binance Labs, said: “Binance Labs invests in disruptive innovations that have incredible potential to shape the crypto landscape, which is why we are fully supporting Multichain.” Peter Huo, Investment Director at Binance Labs, added: “Multichain is a key contributor to the multi-chain future for crypto. We are excited to deepen our partnership with Multichain and work closely with the team to build out our shared vision.”

Multichain will primarily use the funds to invest in the growth of the team and ecosystem to further the mission of routing the Web3.

Multichain also supports interoperability on multiple networks, including Ethereum, Binance Smart Chain, Valance Moonriver, and many others.

According to the announcement, Multichain now has more than $5 billion in total value locked (TVL), with its user base now surpassing 300,000.

While commenting about the new funding, Mr.Zhaojun, the co-founder of Multichain, said:

“The protocol connects more public blockchains and crypto-assets than anyone else, with lower transaction fees, shorter bridging time, and higher security levels.”

In the meantime, Multichain revealed that it intends to use the secured funds to expand the growth of the team and ecosystem.

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Binance Labs has led the Multichain’s (formerly Anyswap) cross-chain funding round, in which the company has raised $60 million.

According to the company, the fundraising has also seen the participation of Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey.

After the funding round, the company valuation has increased to $1.2 billion.

Multichain provides infrastructure solutions for 25 popular blockchain ecosystems including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon and Harmony.

The total value of funds locked in the protocol (TVL) is near $5 billion.

As the trailblazer of decentralized cross-chain service, Multichain provides interconnect infrastructure for 25 mainstream public blockchains including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon and Harmony. The Total Value Locked (TVL) on Multichain, whose number of users exceeds 300,000, is more than $5 billion, with over 1,000 crypto assets circulating among different mainnets.
It is unsurpassed in terms of speed, security and decentralization. Builders can create application layers on top of it to strengthen DeFi composability.

“Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels.

The remaining tokens are to be used at the discretion of the DAO with tokenomics being upgraded to a veMULTI model emulating The Curve Wars.

While details are currently sparse it seems likely that users will be able to lock up their tokens to gain voting rights on the relative weightings of future MULTI distribution.

A Multichain Future

We are already living in a multichain digital economy and have been since Binance Smart Chain launched in late 2020. This is only going to get bigger as more money moves from Ethereum which may end up becoming a chain of proofs rather than something that is used by individuals.

There is some information on a vesting schedule in the docs but it’s unclear if this relates to the recent funding round, the number of tokens sold and if equity was included as well.

“Multichain financing is carried out in the form of tokens. The tokens are from the Multichain foundation allocation, and they are all locked in a certain period of time listed as below:

  1. 60% of the token locked for 8 years
  2. 30% of the token locked for 3 years
  3. 10% of the token locked for 1 year”

From https://docs.multichain.org/faq

MULTI Tokenomics

The MULTI token can be upgraded from the previously used ANY token using the 1:1 conversion app on Multichain’s website.
The total supply is capped at 100 million with current circulating supply at 18.6m.

Then once the approval has gone through click “Swap” and confirm the transaction.

If you don’t have the network you are transferring to in your Metamask network list you can add it at: https://chainlist.org

Developers

For developers looking to bridge their own ERC20 tokens across mulitple chains there are a couple of options. You can either let Multichain deploy the token contracts across alternate chains or you can deploy them and provide the contract addresses.

$60m Funding Round

In December 2021 Multicoin announced a $60m raise at a $1.1B valuation led by Binance Labs.
Other VC in the round included Three Arrows Capital, Tron Foundation and Sequoia Capital China.

This funding provides a long run way to expand the team, product and volumes as the platform evolves.

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