Binance Labs has announced a strategic investment in Coin98, a Vietnam-based blockchain company, to help grow the DeFi ecosystem of Binance Smart Chain (BSC).
Binance Labs Funds, the venture capital and innovation incubator of Binance, announces the strategic investment in a blog post on Wednesday, January 5. The amount of capital is not disclosed by Binance Labs.
— Binance Labs Fund (@BinanceLabs) January 5, 2022
Coin98 is a leading DeFi platform that offers a suite of DeFi products that include Coin98 Wallet, a non-custodial DeFi, NFT, and Web3 wallet, a DEX aggregator Coin98 Exchange, a cross-chain bridge SpaceGate.
Through the fresh capital, the company will build new DeFi products including an NFT platform, AMM-based decentralized exchange (DEX), and a token launch platform on BSC. The blog post reads:
“Coin98 will accelerate the platform’s development through this strategic investment and contribute to the BSC Ecosystem by building DeFi infrastructures including NFT Marketplace, token launch platform, AMM on Binance Smart Chain, and making DeFi on BSC accessible to everyone.”
Apart from this strategic investment, Binance Labs will also provide Coin98 with the “technologies, consultation, and incubation services needed.” According to Coin98, BSC is the most used blockchain network in terms of active addresses and trading volume on Coin98 products and the coming products will drive these numbers even higher.
Bill Chin, head of Binance Labs Fund, commented:
“We hope that Coin98 can contribute to the development of DeFi within the BSC ecosystem through the strategic investment. There are many features that we are looking forward to seeing that Coin98 is coming up with and we think that the users of the BSC ecosystem will be excited about these too.”
Coin98 DeFi products are not limited only to BSC. The company’s products are available on other flagship chains of the industry including Ethereum, Polygon, Avalanche, Terra. As Crypto Economy reported, Coin98 recently launched its new DeFi product Saros Finance on the Solana Blockchain network.
Binance Labs Leads $12M Series A+ Round for WOO Network
Binance Labs Fund is venture capital and incubator arm of Binance that identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities. Its other investment activity includes WOO Network, a liquidity platform that connects users to exchanges, institutions, and DeFi networks.
— Binance Labs Fund (@BinanceLabs) January 4, 2022
In an announcement on Tuesday, January 4, Binance Labs announced that it led a $12 million Series A+ round for WOO Network to support its “rapid expansion through talent acquisition, research and development, and the development of new decentralized products.”