Binance’s this move pushed $CAKE up by 10%

Paigambar Mohan Raj
Source: Binance

Binance Labs, Binance’s venture financing and incubation arm has decided to invest in $CAKE, PancakeSwap’s utility and governance token. The announcement was made via a blog post on the exchange’s official website.

PancakeSwap is a BNB Chain-based decentralized exchange. Binance Labs’ objective is to accelerate worldwide blockchain adoption by offering technological development, marketing, and community support, as well as enterprise solutions for Web3 transformation.

Bill Qian, Head of Binance Labs, has 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.”

At press time $CAKE was trading at $4.81, up by 10.4% in the last 24 hours. The investment announcement seems to have had a positive movement for $CAKE’s price. Nonetheless, CAKE is still 74.5% down in its yearly chart.

Binance expanding its wings for new upcoming projects

Additionally, it was revealed that Binance and the Vietnam Blockchain Association have formed a partnership to exchange research/application of Blockchain Technology and Human Resource Training in Vietnam, to promote the development of blockchain technology in Vietnam, and to build a bridge with other major technology corporations around the world.

Mr. Ngo Duc Thang, Director of the Government Cipher Committee, said,

“In the coming time, the Government will continue to facilitate, encourage and promote early businesses to proactively accelerate the digital transformation process in which blockchain technology is the mainstay. It is expected that by 2030, blockchain will create 40 million jobs, 10% – 20% of the global economic infrastructure will run on Blockchain technology systems.”

Binance Labs has also collected $500 million to launch a fund that would invest in web3 and blockchain businesses. DST Global Partners, Breyer Capital, Whampoa Group, and other private equity firms participated in the funding. The goal of the fund is to locate and support projects and innovators who can establish and lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and other areas.