Binance Labs Pledges to Invest $5 Million in Curve DAO Tokens

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Last Updated on August 12, 2023 by Bitfinsider

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

The agreement, 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 OTC transactions that Curve creator 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 Labs has pledged its complete support to Curve through an investment and a strategic partnership in light of the recent developments that have had an influence on the protocol. We see this collaboration as a beginning and are eager to continue working together to advance the development of the DeFi ecosystem, He said.

According to on-chain data gathered by Spotonchain on Dune Analytics, 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 purposefully intended to lessen the possible liquidation risks that Egorov may face across numerous decentralised finance platforms as a result of a $50 million stablecoin debt.

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