DeFi
Binance Labs Supports Rango Exchange to Power DeFi Adoption
- Binance Labs announces that it has invested in the Rango exchange in the second round of the investment program with the participation of Nomad Capital and Foresight Ventures.
- Rango manages over two million daily swap quotes that involve 600,000 unique wallet addresses.
The Venture Capital (VC) and incubation branch Binance (BNB)Binance Labs announces strategic investment in cross-chain decentralized exchange (DEX) and bridge aggregator Rango.
According to Yi He, co-founder of Binance and head of Binance Labs, Rango’s suite of services aligns with Binance Lab’s goals of supporting projects that facilitate cross-chain development and innovation.
Rango’s interoperability enables easy transactions across various blockchain ecosystems to drive the growth of DeFi… To pave the way for the next billion DeFi users, Rango is focused on improving its infrastructure and expanding the support for additional channels.
Explaining Rango’s enviable services, Binance said in its official announcement that the exchange has extensive capabilities that enable support for major blockchains including BTCSolana, Tron, Cosmos Ecosystem, Starknet and others. As part of its long-term aspirations, Rango seeks to continue to lead the DEX and cross-chain bridge aggregator industry, in addition to providing solutions for multi-chain wallets seeking reliable cross-chain functionality.
Rango is reportedly experiencing an incredible growth rate, processing over two million swap quotes daily involving nearly 600,000 unique wallet addresses. On top of that, it has processed a transaction volume of $3 billion, which explains its growing interest among venture capital firms.
Learn more about Binance Lab’s investment in Rango
According to other reports, Binance Labs’ investment was part of the exchange’s second funding round with participation from other venture capital firms, including Nomad Capital and Foresight Ventures. Acknowledging the efforts of investors, Rango revealed that it is on a mission to process over 90% of cross-chain DeFi volume. Currently, it supports 60+ blockchains, 70+ DEXs, and 20+ bridges.
On top of that, it handles over 3,000 daily organic cross-chain exchanges, placing it at the forefront of DeFi interoperability. As of June 19, it has processed more than 2.5 million trades 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 over 2 million daily swap quotes with lightning-fast response times for our 200 million potential users, our services are accessible through wallets and dApps such as TrustWallet, Exodus, Binance Web3 Wallet and Compound Finance , etc. We are committed to expanding our reach. to larger wallets and dApps, making DeFi more accessible to everyone.
According to our review, Rango’s main features include support for trading multiple ERC-20 tokens and other tokens in over 60 chains. It also pools liquidity from multiple DEXs and bridges to offer the best trading rates. More importantly, its multi-routing features allow users to select the desired route for interchanges and bridges. In this context, its unified API ensures the provision of transparent transactions for dApps and wallets seeking cross-chain exchange and bridging functionalities.
Commenting on this, Rango co-founder Vahid Kaya revealed that the exchange would be supported by Binance Labs to execute its immediate plans.
With Binance Labs, Rango Exchange will be supported to power the multi-chain ecosystem. Offering support for various blockchains, we ensure secure and efficient token trading everywhere. We are excited to work alongside Binance Labs to further improve our innovative cross-chain solutions.
At press time, BNB was trading at $581 after a 3.6% decline over the past 24 hours.
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