Binance Labs, the venture capital and incubator arm of Binance, the world’s largest cryptocurrency exchange, has announced a $5 million investment in Curve DAO Token (CRV). CRV is an Ethereum-based token that powers the Curve ecosystem, a decentralized finance (DeFi) platform.

The investment reflects Binance Labs’ commitment to working with Curve and shaping the future of the DeFi industry. The collaboration between Binance Labs and Curve is seen as a starting point to further drive the growth of the DeFi ecosystem.

Yi He, Binance’s Co-Founder and President of Binance Labs, praised Curve’s contributions to the DeFi space, stating, “Curve is the largest stable exchange and, as a key protocol in DeFi, has contributed to the space’s steady growth in 2023. According to the protocol, Binance Labs, through our investments and strategic cooperation, has created Curve. We see this collaboration as a starting point and look forward to working together to further drive the growth of the DeFi ecosystem.”

As part of the collaboration, Curve plans to distribute to the Binance Smart Chain (BNB Chain), which has already gained a significant presence in DeFi. This move is expected to further drive the growth of the BNB Chain DeFi ecosystem.

Curve’s founder, Michael Egorov, expressed enthusiasm for the partnership, saying, “BNB Chain is well positioned to deploy Curve’s current and future products on its chain. We look forward to collaboratively fostering innovation and growth in the DeFi ecosystem.”

Following the announcement of Binance’s investment, the price of CRV rose by 6%, reflecting positive market sentiment towards the collaboration and Binance’s continued support for innovative projects within the DeFi space.