Binance Labs’ latest DeFi challenge – Will Rango Exchange drive the wave of DeFi users?
- Binance Labs leads the second funding round for the Rango Exchange. Binance Labs executive viewed Range Exchange as a disruptor in the DeFi space.
Binance Labs, Binance’s [BNB] funding and incubation arm, is the latest strategic investor in Rango Exchange, a DEX (decentralized exchange) and cross-chain aggregator.
Part of the Binance Labs’ announcement read,
“Rango’s interoperability enables easy transacting across diverse blockchain ecosystems to drive DeFi growth…To usher in the next billion DeFi users, Rango is focused on enhancing its infrastructure and extending support for additional chains.”
Binance Labs moves onto on DeFi
The above statement suggested the rationale behind Binance Labs’ move. The firm could be betting big on Rango Exchange, with its cross-chain and aggregation capabilities, as a possible driver for DeFi usage at scale.
Reportedly, Rango supports over 60 blockchains, including Bitcoin [BTC], Solana [SOL], Tron [TRX], Cosmos [ATOM], and Starknet [STRK].
So far, Rango has reportedly handled a $3 billion transaction volume, over 2 million swaps involving nearly 600K unique wallet addresses. This underscored its potential and factor for VCs’ interests.
Binance Labs’ investment was part of the second funding round for the exchange. Although it was strategic, other VCs, including Nomad Capital and Foresight Ventures, joined in.
Acknowledging the second round of investors, Rango Exchange noted that it will empower its vision to handle over 90% of DeFi cross-chain volume.
“We’re thrilled to announce that Rango has raised a new investment round led by @BinanceLabs, joined by @NomadCapital_io and @ForesightVen. This empowers Rango to push the boundaries of cross-chain aggregation in our mission to process over 90% of cross-chain DeFi volume.”
Yi He, co-founder of Binance and head of Binance Labs, noted,
“Rango’s suite of services aligns with Binance Lab’s goal of supporting projects that bolster cross-chain development and innovation.”
However, the investment amount by the VCs wasn’t made publicly available as of press time.
That said, the development is big for DeFi and crypto in general. However, it remains to be seen whether the Rango Exchange will be the path to the elusive massive adoption of the DeFi space.
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