Binance Labs, the venture capital arm of leading cryptocurrency exchange Binance, has made a $5 million investment in Curve DAO Token (CRV), an Ethereum-based token that powers the Curve ecosystem.
Curve is a major player in the decentralized finance (DeFi) ecosystem, with a total value locked (TVL) of approximately $2.4 billion and $215 million daily volume.
Currently the largest stableswap and second-largest decentralized exchange (DEX), Curve allows users to exchange ERC-20 tokens with low fees and slippage. CRV acts as the utility token for exchanging stablecoins and other ERC-20 tokens, along with staking, boosting, and voting within the Curve ecosystem.
Shaping the Future of DeFi
Binance stated in a blog post that the latest investment highlights Binance Labs’ commitment to teaming up with Curve and shaping the future of DeFi.
“Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem,” Yi He, Co-Founder of Binance and Head of Binance Labs, added.
Curve to Deploy to BNB Chain
As part of the latest deal, Curve will explore deploying to BNB Chain, the native blockchain of Binance. While Curve already operates across multiple chains, the planned integration with BNB Chain will further bolster its reach and growth in the DeFi ecosystem, according to Binance.
Commenting on the planned deployment, Michael Egorov, founder of Curve, said:
“BNB Chain has earned a significant presence in DeFi, and is well positioned to deploy Curve’s current and future products on its chain. We look forward to collaboratively fostering innovation and growth across the DeFi ecosystem.”
CRV reacted positively to the latest investment from Binance Labs. Shortly after the announcement, the token was up nearly 5% to trade at 64 cents before falling to 61 cents.
