Binance Labs’ $5 Million Investment Boosts CRV Token Following Recent Setback

Binance Labs, the venture capital arm of the world’s largest crypto exchange by trading volume, has asserted their support to the Curve decentralized exchange (DEX) on the Ethereum network through their investing of $5 million in the Curve DAO Token (CRV). Construction deployment on Binance’s BNB chain for Curve is also on the radar, quoted from their announcement. As per the specified details shared by DefiLlama data, the DEX ecosystem has roughly $2.4 billion in Total Value Locked (TVL), with Curve a noteworthy stalwart on the DeFi platform. Step back in time, Curve experienced a hack last month which cast away over $70 million.

Further, speaking on the collaboration, YiHe, the co-founder of Binance, communicated through this information that Curve holds eminent similarity in the remaining of of 2023 from DeFi and impartially referencing the recent event and assured the total help from Binance. He continued, hinting that this is a small embryonic step forward and his core endeavors to facilitate constant augmentation to the DeFi technology promises solid output. The Curve system enables stability swaps, as well as utilizes its token for staking and governance associated proceedings.

The juicy news sadly rogered out its response in CRV Prices which climbed up by 4.8% to 64 cents and then decided to calm down at 61 cents.

Robert Wilson author
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