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Binance Labs, the investment and incubation arm of Binance [BNB], has become the latest strategic investor in Rango Exchange, a decentralized exchange (DEX) and cross-chain aggregator.
According to a statement from Binance Labs: “Rango’s interoperability enables seamless trading across diverse blockchain ecosystems, fostering DeFi growth… To attract the next billion DeFi users, Rango is focused on enhancing its infrastructure and expanding support for additional chains.”
Binance Labs Moves Into DeFi
This statement sheds light on Binance Labs’ reasoning. The company seems to be making a significant bet on Rango Exchange, leveraging its aggregation and cross-chain capabilities as a potential catalyst for large-scale DeFi adoption.
Rango currently supports over 60 blockchains, including Bitcoin [BTC], Solana [SOL], Tron [TRX], Cosmos [ATOM], and Starknet [STRK].
To date, Rango has reportedly handled $3 billion in transaction volume, encompassing over 2 million swaps involving nearly 600,000 unique wallet addresses. This underscores its potential and appeal to venture capital funds.
Binance Labs’ investment is part of Rango’s second funding round. In addition to this strategic move, other venture capital firms, including Nomad Capital and Foresight Ventures, have also participated.
We’re thrilled to announce that Rango has raised a new investment round led by @BinanceLabs, joined by @NomadCapital_io and @ForesightVen. 💥 This empowers Rango to push the boundaries of cross-chain aggregation, in our mission to process over 90% of cross-chain DeFi volume.… pic.twitter.com/4EXoMGe0TU
— Rango (@RangoExchange) June 19, 2024
Acknowledging this second round of investment, Rango Exchange noted that it aims to process more than 90% of DeFi cross-chain volume.
“We are pleased to announce that Rango has successfully closed a new investment round led by @BinanceLabs, alongside participation from @NomadCapital_io and @ForesightVen. This enables Rango to transcend cross-chain aggregation boundaries in our mission to handle over 90% of cross-chain DeFi volume.”
Yi He, co-founder of Binance and head of Binance Labs, noted:
“Rango’s suite of services aligns with Binance Labs’ goal to support projects driving cross-chain development and innovation.”
However, the exact amount invested by venture capital funds has not been widely disclosed at the time of press. This underscores the significant growth in DeFi and cryptocurrencies at large. Nonetheless, whether Rango Exchange will pave the way for widespread adoption of DeFi remains to be seen.
