Binance Invests in PancakeSwap’s Utility Token CAKE

Binance Invests in PancakeSwap’s Utility Token CAKE

  • Binance has invested in Pancake Swap’s utility token.
  • Pancake Swap is the biggest dApp on the BNB Chain, with daily active users of over 400,000.
  • The Binance Smart Chain (BSC) has processed more than 3 billion transactions from 163 million unique addresses since its launch in 2020.

Binance, the largest cryptocurrency marketplace, announced early hours of today, June 6, 2022, that it has invested in PancakeSwap’s utility and governance token, CAKE.

The exchange made this investment package via its venture capital and incubation arm,  Binance Labs. The investment is in line with their mission to encourage the next wave of global blockchain adoption.

Binance Labs often empowers viable blockchain entrepreneurs, startups, and communities who positively impact the crypto space. They do this by providing necessary financing, technology development, marketing and community support, and Web3 enterprise solutions.

A spokesperson at Binance Labs said:

PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the Defi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project.

PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain. It adopts an automated market maker (AMM) model that allows users to trade, swap, and stake  BEP-20 tokens. The DEX was launched in September 2020.

Since then, it has grown to be the biggest decentralized application (dApp) on the BNB Chain, with daily active users of over 400,000. Currently, PancakeSwap features a decentralized NFT marketplace powered by BNB.

The Binance Smart Chain (BSC) has processed more than 3 billion transactions from 163 million unique addresses since its launch in 2020. The BSC ecosystem has more than 1,300 active dApps across multiple categories. It includes Defi, Metaverse, blockchain games, NFT, and more.