The venture capital arm of cryptocurrency exchange Binance has made an investment in PancakeSwap, a decentralized exchange (DEX) built on the BNB Chain.
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CAKE, the native token of the exchange, was up nearly 10% on Monday following the announcement.
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At press time, CAKE was trading at $4.77. Despite the rally, the token is still down 36% from the $7.46 level from a month ago on the back of a challenging May for the crypto markets.
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Binance Labs intends for the investment to further develop PancakeSwap’s technology, marketing and community support as well as drive Web 3-based services.
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PancakeSwap, which was launched in September 2020, provides an automated market maker (AMM) allowing users to trade and swap decentralized finance (DeFi) tokens. It is is now the biggest decentralized app (dApp) on Binance’s blockchain network BNB Chain with over 400,000 users.
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Binance was not immediately available for comment when contacted by CoinDesk for more detail on the size of the investment.
Read more: PancakeSwap’s CAKE Rallies 27% on Binance Announcement
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