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Binance Labs invests in PancakeSwap Exchange

 

According to Coindesk, Binance Labs has invested in decentralized Pancake Swap exchange built on the BNB chain network. The purpose behind the investment is to develop PancakeSwap technology, marketing, user support, and the advancement of Web3-based services. PancakeSwap is an automated market maker that allows users to trade and swap decentralized finance (DeFi) tokens. It is fast, cheap, and allows anyone to participate.

It is now the biggest decentralized app (dapp) on Binance’s blockchain network BNB Chain with more than 400,000 users. PancakeSwap’s governance token CAKE surged 9% after it was announced that Binance’s venture capital arm had purchased CAKE as an investment. Bill Qian stated that PancakeSwap has been leading the development and adoption of the BNB chain, before going on to say that it plans to continue to provide strong support for the decentralized exchange. While it is unclear how Binance Labs will support PancakeSwap, it is clear that Qian will not be involved as he is leaving the company.

 

Source: coindesk.com

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