Curve Token Clamber After Binance Labs Commits to $5M Investment

The $5 million investment in the Curve DAO Token (CRV), the token powering the Curve decentralised exchange (DEX) on the Ethereum blockchain, has been made by Binance Labs, the venture capital division of the largest cryptocurrency exchange in the world by trading volume. Curve is investigating a potential deployment on Binance’s BNB Chain as part of the collaboration.
According to DefiLlama data, Curve is a stableswap and DEX with roughly $2.4 billion in total value locked (TVL). When Curve was compromised for more than $70 million last month, some of the decentralised finance (DeFi) glitz and glamour faded.
“Curve is the largest stableswap, and as a key protocol in DeFi, it has contributed to the steady growth of the space in 2023,” said Yi He, co-founder of Binance and the head of Binance Labs. Binance Labs has pledged its complete support to Curve through an investment and a strategic partnership in light of the recent developments that have had an influence on the protocol. We see this collaboration as a first step and are eager to continue collaborating to advance the development of the DeFi ecosystem.
The Curve DAO Token is the utility token of the Curve DeFi system and is used for staking, governance, and the trading of stablecoins and other supported tokens. Following the announcement of the Binance investment, CRV increased by 4.8% to 64 cents before falling down to 61cents