Binance Labs, the venture capital and incubation arm of Binance, has made a $5 million investment in Curve DAO Token (CRV), an ethereum-based token that powers the Curve ecosystem.

Binance Labs said in a statement on Thursday that this investment underscores Binance Labs’ commitment to collaborating with Curve and shaping 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.

Curve is the largest stableswap and second-largest decentralized exchange (DEX), with approximately $2.4 billion in total value locked (TVL) and $215 million in daily volume at the time of writing.

It is designed to allow users and other decentralized protocols to exchange ERC-20 tokens on its platform with low fees and low slippage.

CRV is the utility token of the Curve DeFi protocol used for exchanging stablecoins and other ERC-20 tokens, along with staking, boosting, and voting for governance purposes.

Its main purposes are to incentivize liquidity providers on the Curve Finance platform and get as many users as possible involved in the governance of the protocol.

Curve currently operates across several chains, offering the advantages of speed and cost.

As part of the collaboration, Curve plans to deploy to BNB Chain.

Curve serves as a foundational layer of DeFi, and the move will further propel the growth of the BNB Chain DeFi ecosystem.

“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,” said Michael Egorov, Founder of Curve.

As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $9 billion.

Its portfolio covers 200 projects from over 25 countries across six continents and has a return on investment rate of over 10 times.

Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs.

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