Binance Labs bets big ‘to usher in the next billion DeFi users’

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  • Binance Labs leads the second funding round for the Rango Exchange. 
  • Binance Labs executive viewed Range Exchange as a disruptor in the DeFi space. 

As a seasoned crypto investor with a keen interest in DeFi projects, I find Binance Labs’ investment in Rango Exchange an exciting development. The potential for cross-chain aggregation and interoperability is a game-changer in the DeFi space, driving growth and ushering in the next wave of users.

Binance Labs, the investment and nurturing division of Binance that handles BNB funds, has recently joined the list of investors in Rango Exchange. Rango Exchange is a decentralized exchange as well as a cross-chain aggregator.

Part of the Binance Labs’ announcement read, 

“Rango’s interoperability allows for seamless transactions between various blockchain networks, fostering expansion in Decentralized Finance (DeFi). Our goal is to bring the next billion users into DeFi by improving our infrastructure and adding compatibility with more blockchains.”

Binance Labs moves onto on DeFi

The reason behind Binance Labs’ decision is implied by the statement above. It’s speculated that the company may be placing significant faith in Rango Exchange due to its cross-chain and aggregation features, which could potentially lead to widespread adoption of Decentralized Finance (DeFi) at large scale.

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As a crypto investor, I’ve come across the multifaceted platform called Rango. It’s said to accommodate over sixty diverse blockchains in its ecosystem. Among them are Bitcoin [BTC], Solana [SOL], Tron [TRX], Cosmos [ATOM], and Starknet [STRK].

To date, Rango is known to have managed a transaction volume of approximately $3 billion and processed over 2 million swaps for around 600,000 distinct wallet addresses. This significant activity showcases its potential, making it an intriguing prospect for venture capitalists.

Binance Labs took part in the second round of financing for the exchange, which was a deliberate move. Other venture capitalists, such as Nomad Capital and Foresight Ventures, also participated in this investment round.

As a researcher at Rango Exchange, I’m thrilled to announce that with the support of our second round of investors, we’re confident in expanding our capabilities to manage over 90% of the decentralized finance (DeFi) cross-chain volume.

As an analyst, I’m excited to share that Rango has successfully secured a new investment round, with Binance Labs taking the lead. Nomad Capital and Foresight Ventures have also joined this esteemed group of investors. With their support, Rango is poised to advance the frontiers of cross-chain aggregation as we strive to process over 90% of the volume in decentralized finance (DeFi) transactions across multiple chains.

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Yi He, co-founder of Binance and head of Binance Labs, noted,

Rango’s array of offerings complements Binance Labs’ mission to back initiatives promoting advancements in cross-chain technology and creativity.

However, the investment amount by the VCs wasn’t made publicly available as of press time.

While the emergence of the Rango Exchange represents a significant advancement for Decentralized Finance (DeFi) and cryptocurrency as a whole, it remains uncertain if this particular platform will pave the way for the long-awaited widespread adoption of DeFi.

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2024-06-21 02:15