Cross-Chain Protocol Multichain Attracts $60M from Binance Labs, Circle Ventures and Tron Foundation

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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. The number of Multichain users currently amounts to 300,000.

The company has reported that it plans to boost its integration with the Binance Smart Chain (BSC) ecosystem.

Binance Labs has recently invested in the BinaryX project, which is developing the CyberDragon GameFi product for the BSC ecosystem, which includes elements of the metaverse, DeFi and NFT.