The world’s largest crypto exchange BINANCE on Monday said its venture arm Binance Labs has made a strategic investment in PancakeSwap’s governance and utility token CAKE. Binance Labs envisions leading the next wave of global blockchain adoption by providing technology development, marketing and community support, and Web3 solutions.
As a result of Binance Labs’ investment, CAKE price soared nearly 10% in a few hours. The PancakeSwap (CAKE) price is now trading at $4.78. Moreover, the trading volume has skyrocketed 95% in the last 24 hours.
Binance Labs Invests in PancakeSwap’s CAKE Token
Binance, in an official announcement on its website, on June 6 revealed that its venture arm Binance Labs has made a strategic investment in CAKE. However, the company didn’t disclose the amount it invested in CAKE.
PancakeSwap, a decentralized exchange built on the BNB chain, has grown to become the biggest dApp on BNB Chain with over 400,000 daily active users. It allows users to trade, swap, and stake BEP-20 tokens via an automated market maker (AMM) model. Moreover, PancakeSwap has a decentralized NFT marketplace powered by BNB.
A spokesperson at Binance Labs said:
