Binance Labs, the venture capital and incubation arm of Binance, has just announced it has made a strategic investment in decentralized exchange PancakeSwap.
As reported by the company via a press release, Binance Labs has acquired an undisclosed amount of CAKE tokens from the project.
PancakeSwap, which was launched back in September 2020 and is powered by the BNB Chain, has more than 400,000 daily active users.
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A Binance Labs spokesperson has said:
"Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project."
CAKE's price has risen 10% after the news was released. It is currently trading at $4.69.