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Binance Labs invests in PancakeSwap, the biggest Dapp on BNB Chain

Updated: Jul 25, 2024
Published: Jun 6, 2022
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Binance Labs, the venture capital and incubation arm of Binance, the world's biggest cryptocurrency exchange, has confirmed in a new statement that it has made a strategic investment in $CAKE, the utility and governance token of PancakeSwap, a decentralized cryptocurrency exchange. 

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Binance Labs and PancakeSwap

PancakeSwap is the biggest Dapp on the BNB Chain, which was launched in September 2020. There are around 400,000 daily active users on the DEX each day, making it one of the most used platforms with a Total Value Locked (TVL) of more than 4.88 billion.

According to the statement from Binance Labs, "the investment is part of Binance Labs' mission to facilitate the next wave of global blockchain adoption by providing technology development, marketing and community support, and Web3 enterprise solutions."

"PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project," said a spokesperson from Binance Labs. 
The financial details of the investment have not been disclosed for now. On the other hand, the price of the $CAKE token has surged by more than 10% in the last 24 hours as of 5:48 am ET, according to the data from CoinMarketCap. It seems that the announcement has breathed life into the $CAKE token.

$500 million fund

Recently, Cryptonary noted that Binance had launched a $500 million fund with support from venture capital firms DST Global and Breyer Capital and undisclosed family offices and organizations for the development of Web 3.0 and blockchain start-ups at various phases of development, including incubation, early-stage, and late-stage growth.

Interestingly, Binance Labs also announced the launch of Season 4 of its global Incubation Program with the aim of supporting promising projects in the blockchain space.

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