Binance Lab, the venture capital division of top crypto exchange Binance, announced Tuesday that it has made a strategic investment in Vietnam-based decentralized finance (DeFi) platform Coin98.
As part of the investment, Coin98 will support the establishment of Binance’s DeFi infrastructures, “including NFT Marketplace, token launch platform, AMM on Binance Smart Chain, and making DeFi on BSC accessible to everyone.”
Bill Chin, Head of Binance Labs Fund, said in a statement:
“We hope that Coin98 can contribute to the development of DeFi within the BSC ecosystem through the strategic investment. There are many features that we are looking forward to seeing that Coin98 is coming up with and we think that the users of the BSC ecosystem will be excited about these too.”
Coin98 is an all-in-one DeFi platform that provides comprehensive services such as access to multi-chain digital wallets and decentralized exchanges, and asset transfer of cross-chain bridges. With over 700,000 users in more than 150 countries, the platform allows users to swap, borrow, lend, invest, and earn crypto safely and easily.
In July 2021, Coin98 held a token sale of Coin98 token C98 at Binance Launchpad. C98 is a utility token that can be used as a transaction fee on the platform. Binance Labs will now provide technology, consulting, and incubation services to the Coin98 team through this partnership. Neither parties have disclosed the financial terms of the deal.
In addition to Coin98, Binance Labs also made a $12 million strategic investment in WOO Network, a decentralized liquidity provider which offers liquidity to more than 40 trading teams, wallets, institutions, exchanges, and decentralized applications