The venture capital and incubator arm of Binance cryptocurrency exchange, Binance Labs has completed a $1.6 million strategic funding round for MOUND DeFi startup, the protocol behind Pancake Bunny. The investment is part of Binance Labs’ ongoing initiative to promote DeFi and blockchain infrastructure. In addition to Binance Labs, the funding round attracted investors such as IDEO CoLab, Andrew Lee, and SparkLabs.
Binance Labs Leads $1.6 Million Investment for MOUND
In an April 13 announcement, Binance Labs reported that it has led the round of strategic investment of $1.6 million for the DeFi startup.
MOUND is the innovative team behind Pancake Bunny, a yield platform on the Binance Smart Chain. Last month, Pancake Bunny added over $1 billion in total value locked (TVL) including over 20,000 in daily active users.
— Binance (@binance) April 13, 2021
The funding round attracted investments from IDEO CoLab, SparkLabs, and Handshake co-founder, Andrew Lee and SparkLabs among others.
Remarking on the partnership, Wei Zhou, Head of Binance Labs said:
“We were impressed by the phenomenal growth at MOUND (Pancake Bunny), especially with MOUND’s ability to create value for users on the Binance Smart Chain (BSC). Our decision to invest was based on our high rating of the MOUND team’s execution and product expertise. We look forward to bring DeFi on BSC to the next level with Pancake Bunny.”
Innovating DeFi on Binance Smart Chain
MOUND will use the strategic investment to accelerate the delivery of new, cutting-edge features and products including cross-chain collateralization and smart vaults while optimizing the ongoing development and optimization of the Pancake Bunny platform.
Jun Hur, the CEO & Co-Founder of MOUND, comments:
“We are extremely excited to partner with Binance to bring the massive returns enabled by the Binance Smart Chain to new markets. With decades of experience across the game, app, and finance industries, MOUND is committed to a user-centered approach to design and live service.”
With this strategic investment, Binance and MOUND will work together towards innovating DeFi on Binance Smart Chain.