Today, Binance Labs, Binance’s venture capital arm, announced a strategic investment of USD 20 millions in Symbiosis Finance, a cross-chain liquidity mechanism. The funds will be used to fortify Symbiosis Finance and its products ahead of its major network launch, as well as to enable the team to develop support for more EVM and non-EVM networks.
Symbiosis Finance is a decentralised cross-chain liquidity protocol that allows users to exchange tokens between blockchains. Currently, the protocol supports the BNB Chain (previously BSC), Ethereum, Polygon, and Avalanche. The more funds from Binance, will help the protocol add more networks and wallets, as well as work with more services and dApps.
Nick Avramov, co-founder and chief marketing officer of Symbiosis Finance, stated that the firm is delighted to enter into a strategic agreement with Binance Labs and benefits from being a member of the Binance ecosystem.
Avramov stated that collaborating with Binance will allow the firm to develop one of the market’s most in-demand items. Bill Chin, head of Binance Labs Fund, stated that: “We are thrilled to assist Symbiosis Finance and work closely with the team to carry out our shared goal.” The firm will also be able to develop and implement a long-term plan that will allow it to develop more cross-chain items.