Binance Labs recently introduced a new player into their development program - Multichain, previously known as AnySwap.
While Multichain has only been out since July of 2020, and was initially advertised as a decentralized exchange platform, it will now allow users to make transactions across multiple chains including BSC, Bitcoin, Ethereum, Litecoin, and many more.
Just recently, Binance publicly announced that Multichain is on the verge of becoming the largest router of BSC, with strict attention to safe transactions and security of assets kept on-chain.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Sidechains in Crypto Explained EASILY (Animated)
Initially, the funding for Multichains development and growth was started by Binance Labs. However, some large investors including DeFiance Capital, Primitive Ventures, Sequoia China, Three Arrows Capital, Circle Ventures, HashKey, Hypersphere Ventures, and IDG Capital chipped in, with the total amount coming to $60M.
The co-founder of Multichain (previously known as AnySwap) Zhaojun commented on this protocol, stating:
"Multichain now is the cross-chain infrastructure that connects more public blockchains and crypto-assets than anyone else."
Likewise, he mentioned that improving Web3 is on Multichains radar, and ensures that they will "remain on the forefront of cross-chain research", which will obviously be accelerated by the amount of funding they’ve received.
As of right now, Multichain holds over $5 billion worth of assets, with over 300k accounts registered at this very moment, and is held as an "officially recommended bridge" by Binance.
