Binance Labs Invests in PancakeSwap Causing Native Token CAKE To Rise 10%

Binance is on a roll. The company has been making moves lately with sponsorships on The Weeknd’s tour and Brasileirão, partnering with Argentina’s National Football team, and raising $500 million for their venture capital fund.

Now, the world’s biggest crypto exchange has invested in PancakeSwap.

After the investment announcement, CAKE, the exchange’s native token, was up nearly 10%. Currently, the coin is sitting at around $4.77.

Binance Labs plans to invest in developing PancakeSwap’s technology, marketing, and community support.

PancakeSwap is a platform that allows users to trade and swap cryptocurrencies. It uses the Binance blockchain network and has over 400,000 users.

At the time of this article, the investment amount is unknown.

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