Leading global trading platform Binance through its investment unit, Binance lab, today announced the purchase of PancakeSwap’s native token CAKE.
The interest in PancakeSwap continues Binance’s plan to promote the widespread acceptance of blockchain. This it plans to achieve through strategic support in technology development, publicity, and support for the crypto community.
Although Binance Lab did not mention how much it invested, PancakeSwap’s native token CAKE enjoyed a rise after the announcement. It currently trades at $4.66 as of the time of this report as per data from CoinMarketCap. Bill Qian, Head at Binance Labs mentioned that PancakeSwap is pioneering the mass acceptance and advancement of the BNB chain.
He also added that the project is the most used dApp and it will therefore continue to enjoy its backing. PancakeSwap is a decentralized exchange that is powered by the Binance Smart Chain (BSC) network.
It operates as an automated market maker (AMM), offering users a variety of features which include liquidity pools, swapping, and others. The exchange is the largest with respect to the trading amounts in the crypto world as well as the commonly used decentralized platform.
It is likewise the biggest decentralized app on the BNB network with over 400,000 users daily. Similarly, It also has a decentralized Non-fungible Token (NFTs) marketplace supported by BNB.
PancakeSwap currently leads the market as it enjoyed 14.43% of the DEX trading volume in May after commanding $18.94 in volume.
Binance’s Commitment to the Cryptosphere
Binance through Binance Labs is dedicated to assisting blockchain, and crypto firms in developing the crypto ecosystem to a large extent.
The exchange platform recently inked an agreement with the Ministry of Digital Development of The Republic of Kazakhstan. The main aim of the agreement is to promote crypto adoption. Binance has also acquired multiple licenses as it looks to expand its footprint on the cryptosphere.
The latest of its license acquisition is that of France. Last month it got the nod from Financial authorities in France, to begin operating in the region. Binance Lab also co-led a seed round for Ultiverse, a metaverse project to expand the products and services it can offer in the BNB Chain ecosystem.
cmb.com 