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Binance, the world’s largest cryptocurrency exchange by volume, has just announced some good news. Following the announcement, the CRV Coin has seen an uptrend. The popular DeFi altcoin, which suffered a significant loss in value after the recent hack incident, is now recovering with the support of Binance.
Binance Latest News
Binance Labs has made a $5 million investment in Curve DAO Token (CRV), which powers the Curve ecosystem. Curve currently has the largest decentralized exchange (DEX) pool for stablecoins. The announcement states:
“Binance Labs, the venture capital arm of Binance exchange, has made a $5 million investment in Curve DAO Token (CRV), an Ethereum-based token that powers the Curve ecosystem. This investment underscores Binance Labs’ commitment to collaborate with Curve and shape the future of the DeFi sector.”
As of writing, Curve is the largest stableswap and the second-largest DEX with approximately $2.4 billion total value locked (TVL) and $215 million daily trading volume.
Yi He, Co-Founder of Binance and President of Binance Labs, commented:
“Curve is the largest stableswap (stablecoin exchange platform) and has contributed to the steady growth of the DeFi space in 2023 as one of its key protocols. Considering the recent events that affected the protocol, we have extended our full support to Curve through our investment and strategic collaboration as Binance Labs. We see this collaboration as a starting point and look forward to working together to further advance the growth of the DeFi ecosystem.”
Michael Egorov, Founder of Curve, said:
“BNB Chain has gained significant presence in DeFi and is well-positioned to integrate Curve’s existing and future products into its network. We eagerly anticipate fostering innovation and growth in the DeFi ecosystem through collaboration.”
Following the news, the price of CRV Coin surged to $0.658.
