Bitcoin exchange Binance has announced an investment in cryptocurrency-focused hedge fund Multicoin Capital. ForkLog was informed about this by representatives of the trading platform.
The companies intend to find new opportunities to support the development and expansion of the market in the larger blockchain ecosystem amid growing institutional interest in bitcoin. Terms of the deal were not disclosed.
“We have invested thousands of hours in researching Binance and we can definitely say that it is one of the most strategically important infrastructure providers in the blockchain ecosystem,” said Tushar Jain, CEO of Multicoin Capital.
Other partners of the fund include venture capital firms Ribbit Capital and Union Square Ventures, Andreessen Horowitz co-founder Marc Andreessen and Craft Ventures founder David Sachs.
Multicoin Capital Leads Round of Financing for Torus Blockchain Startup in 2019 for $ 2 million… Binance Labs also contributed.
Recall that in 2020, the bitcoin exchange acquired a stake in the fintech firm BxB for $ 432,000 to open a support center in South Korea.
Binance later invested in Indonesia’s leading regulated cryptocurrency platform Tokocrypto.
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