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Multichain is planning to use the capital from the seed funding round to grow its teams and ecosystem. In addition, Multichain will strengthen its ties with Binance Smart Chain. The latter will promote Multichain and recommend it as one of the bridges.
Soon after rebranding from Anyswap to Multichain, the company behind the cross-chain protocol has raised as much as $60 million in a seed funding round. Notably, Binance Labs, the venture capital and incubation arm of Binance, has led the round. Other participants included Circle Ventures, Tron Foundation, Sequoia China, IDG Capital, Primitive Ventures, Three Arrows Capital, DeFiance Capital, Hypersphere Ventures, Magic Ventures, and HashKey.
Anyswap is a fully decentralized cross-chain swap protocol, based on Fusion DCRM technology, with automated pricing and liquidity system. It is running on the Fusion, Binance Smart Chain (BSC), Ethereum (ETH) and Fantom (FTM) blockchains. With over 300,000 users, over 1,000 crypto assets circulating among different mainnets, and roughly $4.8 billion in total value locked, the protocol is one of the most sought-after decentralized exchanges that provide cross-chain trading.
Initially, Anyswap was designed to enable cross-chain swaps and trading. Last week, Anyswap announced a rebranding that came with a new vision. Now, the company (already Multichain) aims to provide top-notch cross-chain infrastructure to the cryptocurrency market, enabling interoperability through a variety of ways.
Future Plans of Multichain after Its Seed Funding Round
Multichain is planning to use the capital from the seed funding round to grow its teams and ecosystem. It will also follow the mission of routing the Web3. In particular, Multichain will expand its R&D unit, especially the crypto algorithm research team, the security Audit team and the Service team that helps new users and blockchain ecosystems integrate with Multichain.
Zhaojun, the Co-founder of Multichain, commented:
“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. Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new any call 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.”
In addition, Multichain will strengthen its ties with Binance Smart Chain. The latter will promote Multichain and recommend it as one of bridges. Meanwhile, it will also support Multichain to bridge bToken across networks, as well as explore deeper technology and liquidity integrations with the company. According to Binance, they are also excited about collaborating with Multichain. As Investment Director at Binance Labs Peter Huo stated, they see Multichain as “a key contributor to the multi-chain future for crypto.” Currently, Binance Smart Chain and Multichain are considering a strategic partnership that will bring more technical advancements.