DeFi
Binance Labs is betting big “to pave the way for the next billion DeFi users”
- Binance Labs leads Rango Exchange’s second funding round.
- Executives at Binance Labs viewed Range Exchange as a disruptor in the DeFi space.
Binance Laboratories, Binance [BNB] funding and incubation arm, is the latest strategic investor in Rango Exchange, a DEX (decentralized exchange) and cross-chain aggregator.
Part of the Binance Labs announcement read,
“Rango’s interoperability enables easy transactions across diverse blockchain ecosystems to drive DeFi growth… To pave the way for the next billion DeFi users, Rango is focused on improving its infrastructure and expanding support for additional channels.”
Binance Labs moves to DeFi
The above statement suggests the rationale for Binance Labs’ decision. The company could be betting big on Rango Exchange, with its cross-chain and aggregation capabilities, as a possible driver of DeFi usage at scale.
Rango reportedly supports over 60 blockchains, including Bitcoin [BTC], Solana [SOL], Tron [TRX], Cosmos [ATOM]And Starknet [STRK].
So far, Rango has reportedly processed $3 billion in transaction volume, representing over 2 million trades involving nearly 600,000 unique wallet addresses. This highlighted its potential and factor for the interests of venture capital firms.
Binance Labs’ investment was part of the exchange’s second funding round. Although this is a strategic project, other venture capital firms, including Nomad Capital and Foresight Ventures, have come on board.
Acknowledging the second round of investors, Rango Exchange noted that it empower its vision to handle over 90% of DeFi cross-chain volume.
“We are excited to announce that Rango has raised a new investment round led by @BinanceLabs, joined by @NomadCapital_io and @ForesightVen. This allows Rango to push the boundaries of cross-chain aggregation in our mission to process over 90% of cross-chain DeFi volume.
Yi He, co-founder of Binance and director of Binance Labs, noted:
“Rango’s suite of services aligns with Binance Lab’s goal of supporting projects that empower cross-chain development and innovation.”
However, the amount of investment from venture capital firms was not made public at the time of publication.
That said, the development is important for DeFi and crypto in general. However, it remains to be seen whether the Rango Exchange will be the path to the elusive mass adoption of the DeFi space.