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The venture capital and incubation arm of leading cryptocurrency exchange Binance, Binance Labs, has made a strategic investment in a decentralized exchange based on the Binance Smart Chain (BSC) blockchain.
According to an announcement, the investment was made in Biswap, the first decentralized exchange with a “unique, three-type referral program” that rewards users with earnings from their referees’ activities on liquidity farms, launchpools, and token swaps.
The exchange, based on the BSC network, uses an automated market maker (AMM) model to fulfill orders and has the “lowest platform transaction gives.” It allows users to freely trade BEP-20 tokens and provide liquidity to BEP-20 token trading pairs to earn passive income from it.
The funds will be used to accelerate the platform’s growth and “fulfilling the vision of Biswap in bringing the freedom of exchange.” The CEO of Biswap, who wasn’t named, commented that the exchange has “always been committed to stay user-focused and the 3-type referral program is one the ways to provide the most benefits for the users.”
The team, the CEO added, will “keep bringing innovations to the DeFi space.” Binance Labs’ investment in Biswap was made as the exchange was one of the winners of its the Most Valuable Builder (MVB) II competition, which was launched in April 2021.
The program was launched to bolster the cryptocurrency community and “provide more support to builders’ innovation on the BSC.” Nicole Zhang, Director of Binance Labs, said:
Biswap is one of the most innovative and popular projects on Binance Smart Chain, and this investment is in line with Binance Labs’ ongoing initiative to promote DeFi and blockchain infrastructure.
Zhang added Binance Labs has always been “committed to supporting fast-executing, technical teams who have the potential to positively impact the crypto space, build decentralized web, and help the BSC ecosystem grow.”