PancakeSwap (CAKE) rose nearly 10% after the news that Binance had invested.
Binance’s venture capital arm, Binance Labs, has invested in CAKE, the native token of PancakeSwap, one of the leading decentralized crypto-asset trading platforms, according to a statement Monday. Following the news, CAKE saw a 9% rise, as high as $4.83, according to CoinGecko data.
PancakeSwap accounted for a significant 14.43 percent of DEX trading volume last May. Saying that the platform is leading the adoption of BNB Chain, Binance Labs president Bill Qian said they will continue to support them.
CAKE is trading at $4.74 at the time of publication.
