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Binance Labs Backs Rango Exchange to Propel DeFi Adoption Across Blockchains

John KumiBy 0Edited by John Kiguru 21. June 20243 Mins Read
  • Binance Labs announces to have invested in Rango exchange in the second round of the investment program with the participation of Nomad Capital and Foresight Ventures.
  • Rango is handling more than two million daily swap quotes which involve 600K unique wallet addresses.

The Venture Capital (VC) and incubation arm of Binance (BNB), Binance Labs announces a strategic investment into cross-chain decentralized exchange (DEX) and bridge aggregator Rango.

Binance Labs Supports Rango Exchange to Boost DeFi Adoption Across Multiple Blockchains

According to Yi He, co-founder of Binance and Head of Binance Labs, the suite of services of Rango aligns with Binance Lab’s goals of supporting projects that facilitate cross-chain development and innovation. 

Rango’s interoperability enables easy transacting across diverse blockchain ecosystems to drive DeFi growth…To usher in the next billion DeFi users, Rango is focused on enhancing its infrastructure and extending support for additional chains.

Explaining the enviable services of Rango, Binance stated in its official announcement that the exchange has expansive capabilities that enable support for major blockchains including BTC, Solana, Tron, Cosmos Ecosystem, Starknet, and others. As part of its long-term aspirations, Rango seeks to continue leading the cross-chain DEX and bridge aggregator space in addition to providing solutions for multi-chain wallets seeking reliable cross-chain functionality. 

Per our information, Rango is recording an incredible growth rate, handling more than two million daily swap quotes which involves almost 600K unique wallet addresses. On top of that, it has handled a $3 billion transaction volume which explains its growing interest among VCs. 

More on the Binance Lab’s Investment in Rango

According to other reports, Binance Labs’ investment was part of the second funding round for the exchange with the participation of other VCs including Nomad Capital and Foresight Ventures. In acknowledging the efforts of investors, Rango disclosed that it is on a mission to process more than 90% of cross-chain DeFi volume. Currently, it supports more than 60 blockchains, over 70 DEXes, and more than 20 bridges.

In addition to that, it handles over 3,000 daily organic cross-chain swaps, positioning it at the forefront of DeFi interoperability. As of June 19, it had processed more than 2.5 million swaps for 590,000 unique wallets. 

As a key player in this ecosystem, Rango is accessible through renowned wallets and dApps with efforts to integrate other leading blockchains as well. 

Currently handling 2M+ daily swap quotes with lightning-fast response times for our 200M potential users, our services are accessible through wallets and dApps such as TrustWallet, Exodus, Binance Web3 Wallet, and Compound Finance, etc. We’re committed to expanding our reach to more leading wallets and dApps, making DeFi more accessible to everyone.

Per our review, Rango’s key features include the support of trading for several ERC-20 tokens and more tokens in over 60 chains. It also aggregates liquidity from multiple DEXes and bridges to offer the best trading rates. Most importantly, its multi-routing features enable users to select their desired route for swapping and bridges. Amid the backdrop of this, its unified API ensures the provision of seamless transactions for dApps and wallets seeking cross-chain swap and bridge functionality.

Commenting on this, the Co-Founder of Rango Vahid Kaya disclosed that the exchange would be supported by Binance Labs to execute its immediate plans. 

With Binance Labs, Rango Exchange will be supported to propel the multi-chain ecosystem. Offering support for diverse blockchains, we ensure secure and efficient token swaps anywhere. We’re thrilled to work alongside Binance Labs to further enhance our innovative cross-chain solutions.

At press time, BNB was trading at $581 after declining by 3.6% in the last 24 hours. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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