Binance’s VC branch has taken yet another startup blockchain project under its wing, with a strategic investment into Symbiosis Finance.
Based on the official report by Binance, its venture capital arm will be supporting the Symbiosis network by means of increasing the employee number, adding support for various third-party wallets, dApps, and virtual machine networks including EVMs and WASMs.
With all the pieces in place, Symbiosis will be looking to upgrade its protocol by merging automated market makers (AMMs) on the platform, adding other sidechain and cross-chain support, and implementing smart order routing algorithms.
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Co-founder and CMO of Symbiosis Finance Nick Avramov spoke on the strategic investment by Binance labs, stating:
"The idea is simple; we strive to learn from the market leaders, adopt their best practices and this is the way we can create something in demand. But more than that, we need to think about not only the short-term needs but also to pursue a long-term strategy and develop solutions accordingly."
While the Symbiosis liquidity protocol is still in its infancy, the early backing from Binance Labs will surely accelerate the development of the project’s upcoming stages. Head of Binance Labs Fund Bill Chin acknowledged Symbiosis as "an important contributor to the multi-chain future for crypto."
Symbiosis Finance is a DeFi liquidity protocol that works on all EVMs and lets users swap tokens from and to several different blockchains. At the moment, the protocol supports BNB Chain, Ethereum, Polygon, and Avalanche blockchains.
The protocol has its own native token SIS which currently sits at an average price of $2.47.