DeFi Startup MOUND completes a $ 1.6 million strategic financing round led by Binance Labs

The returning farming complex MOUND received a huge financial boost after raising $ 1.6 million in an investment round led by Binance Labs, the venture capital arm of the world’s leading cryptocurrency exchange. MOUND, the protocol behind the PancakeBunny platform, shared details of this development in a Blog post.

Today, we are very excited to announce that we have completed the $ 1.6 million strategic financing round, led by Binance Labs. “

The investment round involved other investors, including SparkLabs, IDEO CoLab, and Andrew Lee, co-founder of Handshake’s decentralized DNS project. The MOUND team explained that Binance’s participation in the roundtable is part of the company’s initiative to fund startups in the DeFi space.

Binance has shown a keen interest in the DeFi sector over the past few months. The company has supported quite a few projects on its independent and independent Binance Smart Chain (BSC) network. BSC offers a smart contract functionality absent from the Binance chain, but has been criticized by industry experts who say it is more centralized than decentralized.

MOUND currently has over 30,000 daily users of its protocol and the Total Blocked Value (TVL) is over $ 2 billion. DeFi has only been active on Binance’s smart chain for four months, after it launched late last year. The MOUND team has indicated their intention to use the amount raised to promote their PancakeBunny platform.

“This strategic funding will allow us to accelerate our pipeline of new features and cutting-edge products, as well as foster continuous development and improvement of the PancakeBunny platform. »Can we read the blog?

Some of the things MOUND has to work on with the amount raised are collateral via smart chains and lockers. The first eliminates the need for bridge tokens by allowing DeFi users to keep their originals on the original blockchain. On the other hand, smart lockers are beneficial in generating agricultural returns from leveraged loan products.

Commenting on the collaboration, John Hore, Team Leader, MOUND said: Innovations such as collateral over chains and smart vaulting are expanding our reach to Ethereum and beyond, bringing us closer to realizing our vision of putting the power of DeFi in everyone’s hands.. »

BUNNY token hits a record high of around $ 445 Queen Market Cap Early the next day to announce the successful fundraising tour. It has since fallen to $ 411.28, down 3.74% in the past 24 hours.