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.
How to buy or trade CRV on ProEX
You can buy or trade CRV on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.
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