Binance Labs Announces Strategic Investment in PancakeSwap

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Investment divisionThe largest crypto exchange on the planet, Binance, announced that it will continue to provide significant support to PancakeSwap, one of the most valuable participants in the BNB Chain network.

Binance Labs is going to invest inCAKE, a utility and token managed by the decentralized exchange (DEX) PancakeSwap. The investment is part of plans for the next wave of global blockchain adoption. The company plans to achieve this by providing technology development, marketing and public support.

PancakeSwap was launched in September 2020and is an automated market maker (AMM) that allows users to trade, exchange and stake BEP-20 tokens issued on the Binance BNB chain.

According to Binance Labs, PancakeSwap inIt is currently the largest decentralized application (dApps) on the web with over 400,000 daily active users. The total value locked (TVL) on the platform is around $4.82 billion, making it one of the most valuable applications on BNB Chain.

“PancakeSwap is leading the development andmass adoption of the BNB chain. Considering that the app is the most widely used dApps and the highest TVL DeFi project on the BNB chain, we have and will continue to provide significant support to this project,” said Bill Qian, Head of Binance Labs.

The price of CAKE rose to a one-week high of $4.84 after this announcement. The token currently has a market capitalization of approximately $761 million, making CAKE the 66th largest crypto asset.

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Previously, Binance Labs&nbsp;announced&nbsp;creating a new $500 million fund focused on Web3 projects. The money will be invested in promising projects that can expand the possibilities of using cryptocurrencies.