Curve DAO Token (CRV), an ethereum-based token that drives the Curve ecosystem, has received a $5 million investment from Binance Labs, the venture capital and incubation division of Binance.
This investment, according to a statement released by Binance Labs on Thursday, “underscores Binance Labs’ commitment to working with Curve and influencing the future of the DeFi sector”.
“Curve is the largest stableswap, and as a key protocol in DeFi, it has contributed to the steady growth of the space in 2023,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration,
“We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem,” he said.
With about $2.4 billion in total value locked (TVL) and $215 million in daily volume as of the time of writing, Curve is the largest stableswap and the second-largest decentralized exchange (DEX).
It is made to enable users and other decentralized protocols to exchange ERC-20 tokens on its platform with little slippage and little in the way of transaction fees.
The Curve DeFi protocol’s utility token, or CRV, is used for governance purposes, staking, boosting, and exchanging stablecoins and other ERC-20 tokens.
Its main goals are to encourage liquidity providers on the Curve Finance platform and involve as many users in the protocol’s governance as possible.
Currently, Curve operates across several chains, providing the benefits of speed and affordability.
The collaboration will involve Curve deploying to BNB Chain.
The acquisition of Curve, which is a core component of DeFi, will help the BNB Chain DeFi ecosystem expand.
Binance Labs, the venture capital division and accelerator of Binance, is now valued at over $9 billion.
Its portfolio includes 200 projects from more than 25 countries and six continents, and it has a ROI of more than ten times.
Our incubation programs have produced 50 of the companies in Binance Labs’ portfolio.
