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Anyswap Rebrands to Multichain, Raises $60M Led by Binance Labs

The cross-chain bridge builder will use the funds to research crypto algorithms.

Updated May 11, 2023, 4:08 p.m. Published Dec 21, 2021, 5:06 a.m.

Multichain is building bridges for shuttling crypto across networks. (Modestas Urbonas/Unsplash)

Binance Labs, the crypto exchange’s venture capital and incubation arm, led a $60 million seed round in Multichain, formerly Anyswap.

The cross-chain protocol counts over 300,000 users, according to a press release shared with CoinDesk.
Public data shows the protocol has roughly $4.8 billion in total value locked.
Multichain will use the funds to expand its ecosystem and team, particularly research on crypto algorithms, security and user service.
Binance Smart Chain (BSC) is also putting its weight behind the protocol. It will promote Multichain as a recommended bridge for developers in the long term, the press release said.
Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey also participated in the round.
BSC gave Multichain and five other projects a $350,000 grant each in October 2020, as part of its accelerator program.

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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.