Binance Labs, the venture capital letter and incubation arm of Binance cryptocurrency commutation, has led a financing circular for the cross-chain protocol Multichain, previously known as AnySwap.

Soon after rebranding from AnySwap concluding calendar week, Multichain has raised $60 million in a seed funding round led by Binance Labs, the firm officially announced on Tuesday.

Other participants in the heighten included major venture capital firms and industry investors such as Sequoia China, IDG Capital, Three Arrows Uppercase, Archaic Ventures, DeFiance Uppercase, Circle Ventures, Hypersphere Ventures, HashKey and Magic Ventures.

Apart from providing capital investment for Multichain, Binance is likewise edifice a stronger human relationship with the cross-concatenation protocol. On Monday, Multichain announced that it is now officially recommended every bit a tool to bridge bToken beyond chains through Binance'southward smart contract platform, the Binance Smart Chain (BSC).

BSC said that Multichain is "one of the biggest routers on BSC," which provides a "non-custodial plus multi-party computation model to guarantee the security of on-chain assets."

Founded in July 2022, AnySwap was originally positioned as a cross-chain decentralized exchange. The platform gradually evolved into Multichain, a cross-chain router protocol (CRP) providing a mature existent-fourth dimension CRP system, enabling interoperability on multiple networks, including Ethereum, Binance Smart Chain, Avalanche, Moonriver and others.

According to the announcement, the full value locked on Multichain now amounts to more $five billion, with the number of users exceeding 300,000. Multichain co-founder Zhaojun said that the protocol connects "more than public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging fourth dimension and college security levels."

The funds raised in the seed round will be used in the growth of the team and ecosystem, including the research and evolution teams focused on crypto algorithms, audits and security, the firm said.

Related: Binance to launch $1B fund to develop BSC ecosystem

Officially launched in September 2022, BSC is a decentralized finance solution bringing programmability and interoperability to the Binance Chain, relying on a organization of 21 validators with a proof-of-staked authority consensus. BSC has been growing increasingly pop this year, with the network striking a historical high of over 16 1000000 daily transactions on Nov. 25.