In a bold move, Binance, a key entity in the crypto sector, has made a significant investment in the CRV protocol (Curve). This comes at a time when the protocol is gradually beginning to recover from the repercussions of the hack suffered a few weeks ago.
Binance invests in CRV (Curve): A step towards DeFi growth?
This week brings encouraging news for the Curve protocol. After successfully recovering at least 70% of the funds lost during a hack last month Binance Labs, the venture capital arm of Binance, has come up with a tempting announcement.
In a partnership approach, Binance announces its financial commitment by injecting 5 million into the Curve protocol’s native token, CRV, marking a significant milestone in the landscape of decentralized finance (DeFi).
Thursday, August 10, Yi He, co-founder of Binance and head of Binance Labs, a highlighted the crucial importance of this collaboration, highlighting Binance Labs’ investment in the protocol’s native token Curve DAO. Its main objective is to strengthen Binance’s position in the fast-growing DeFi ecosystem.
Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.
Statement by Yi He
Curve: A luminous breakthrough in the DeFi world
Curve is one of the major references in the DeFi world. As an emblematic ”stableswap“ platform and the second largest decentralized exchange (DEX), Curve has a total locked-in value (TVL) of almost $2.4 billion. Its native token, the Curve DAO (CRV) , plays a central role in several operations, including staking and governance.
Through this partnership, Binance Labs seeks to promote the integration of Curve within its blockchain, the ecosystem BNB Chain. This approach would pave the way for the expansion of Curve Finance. It should be noted that the protocol is already present on 11 blockchains. At the same time, it seems that this initiative is not isolated as with Stake Capital announces that it has acquired 1.25 million CRV tokens.
The partnership was greeted with enthusiasm in the market, leading to a 4.8% rise in the CRV price, momentarily reaching $0.64 before stabilizing around $0.59. Still, it remains above a 12-month low of $0.50 in November 2022.
According to indications from Curve and Binance Labs executives, this collaboration encompasses much more than simply strengthening Curve’s market position. It promises to drive innovative growth and accelerate innovation at the heart of the DeFi. The crypto community is now eagerly watching the transformations that this collaboration between these two industry players could bring.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.