The Rebranding Spree Continues: ‘Anyswap’ rebrands it as ‘Multichain’ and raises $60 Million

Anyswap crypto exchange raised a $60 Million fund in a seed round from its venture capital and incubation arm, Binance Labs. With the raise, Anyswap has now rebranded it as ‘Multichain’, as the funds raised will be used to expand its ecosystem as well as its team to research on security, crypto algorithms and user service.

Binance’s venture capital and Incubation arm, Binance Lab conducted a seed round for companies that are looking into the blockchain interoperability services and has backed ‘Multichain’ previously known as ‘Anyswap’ by funding $60 Million. Anyswap is a crypto exchange with over 300,000 users and roughly $4.8 billion in total value locked on the exchange. 

The exchange has decided to rebrand itself as ‘Multichain’ after the seed round and raising $60 Million, as the company is looking to venture into expanding its ecosystem and researching on security, crypto algorithms and user services. Binance Smart Chain (BSC) is also backing the Multichain exchange as BSC is looking to promote Multichain as a recommended bridge for developers in the long run.

BSC has already granted $350,000 to Multichain through its accelerator program in October, 2020. This shows that BSC has high expectations from Multichain in becoming a bridge between multi chains that will benefit the developers in the long run.

Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as a financial advice. Own research on the topic is advisable.

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