Binance Labs invested in the Pancake Bunny DeFi project’s developer

Binance’s venture arm led the strategic investment round in the MOUND startup behind the Pancake Bunny platform on Binance Smart Chain (BSC). ForkLog was told by company representatives.

Participants in the round included IDEO CoLab, SparkLabs, Andrew Lee of Handshake, and other individual investors.

The funds will be used by MOUND to expand the platform’s functionality and to create new products. The developers plan to add cross-chain collateral support and “smart storage”, and to optimise the DeFi service.

As of writing, Pancake Bunny sits fourth in Defistation’s rating. The total value locked (TVL) in the project stands at $2.39 billion.

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In March, the Pancake Bunny platform’s TVL rose by $1 billion, and the number of users increased by more than 20,000.

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In April, the native token of the BSC ecosystem — Binance Coin — reached the $600 mark.

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