Binance Labs, the venture arm of Binance, has made an investment in PancakeSwap, the decentralized exchange built on the BNB Chain. By JamieCrawleyCD
The venture capital arm of cryptocurrency exchange Binance has made an investment in PancakeSwap, a decentralized exchange built on the BNB Chain.At press time, CAKE was trading at $4.77. Despite the rally, the token is still down 36% from theBinance Labs intends for the investment to further develop PancakeSwap's technology, marketing and community support as well as drive Web 3-based services.
PancakeSwap, which was launched in September 2020, provides an automated market maker allowing users to trade and swap decentralized finance tokens. It is is now the biggest decentralized app on Binance's blockchain network BNB Chain with over 400,000 users. Binance was not immediately available for comment when contacted by CoinDesk for more detail on the size of the investment.
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