Binance Labs commits to a $5M investment in Curve DAO tokens

Binance Labs commits to a $5M investment in Curve DAO tokens

Binance Labs is offering support to Curve after the recent hack.
The investment is part of recent OTC deals done by Curve founder with notable figures in the crypto space.
Curve Finance is later expected to deploy to the Binance-backed BNB Chain.

The venture capital and incubator division of the cryptocurrency exchange Binance, Binance Labs, has agreed to invest $5 million in Curve DAO (CRV) tokens.

The collaboration, which will also see Curve Finance deploy to the Binance-backed BNB Chain, was announced by Yi He, co-founder of Binance and head of Binance Labs.

The investment seems to be a part of recent over-the-counter (OTC) transactions that Curve founder Michael Egorov conducted with prominent individuals in the cryptocurrency industry. Among them, Justin Sun, the founder of Tron, purchased 5 million CRV tokens for $2 million, while Huobi co-founder Jun Du purchased 10 million.

Binance support to Curve DAO after the hack

Yi He has stated that Binance Labs pledges its full support to Curve through investment and a strategic partnership in light of the recent developments that have had an impact on the protocol. The Binance co-founder went ahead to state that they see this collaboration as a beginning and are eager to continue working together to advance the development of the DeFi ecosystem.

According to on-chain data gathered by Spotonchain on Dune Analytics, Michael Egorov has sold more than 156 million CRV tokens so far for a total of $46.4 million. According to DeBank, the transactions appear to be strategically intended to lessen the potential liquidation risks that Egorov may face across numerous decentralised finance platforms as a result of a $50 million stablecoin loan he had taken earlier.

The post Binance Labs commits to a $5M investment in Curve DAO tokens appeared first on CoinJournal.

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