Binance Invests in Rango: Enhancing Interoperability Across Multiple Blockchains
Binance, the world’s largest crypto exchange by volume, has made a strategic investment in Rango, a cross-chain decentralized exchange (DEX) and bridging aggregator. This move aims to enhance interoperability across multiple blockchains, including popular ones like Bitcoin, Solana, Tron, and Cosmos.
Rango, which currently supports over 60 digital assets, 70 DEX protocols, and 20 bridges, has already processed over 2.5 million crypto-related swaps and handles more than 3,000 trades daily. This impressive track record has caught the attention of Binance’s venture capital arm, leading to their undisclosed investment in the interoperability DEX.
The partnership between Binance and Rango is expected to revolutionize the DeFi space by providing traders with access to the best rates across various blockchains. Traders can easily access Rango through popular crypto wallets like Exodus, Compound, TrustWallet, and Binance’s proprietary wallet.
Yi He, co-founder of Binance and head of Binance Labs, expressed excitement about Rango’s potential to shape the DeFi landscape, stating that the project aligns with Binance Lab’s goal of supporting cross-chain development and innovation.
However, while Binance continues to make strides in the crypto space with new investments, it is also facing legal challenges in countries like India and Canada. The Financial Intelligence Unit in India has imposed a hefty fine on Binance for non-compliance with anti-money laundering regulations, while Canada’s Fintrac has also fined the exchange for similar AML compliance issues.
Despite these regulatory hurdles, Binance remains committed to its global operations and is appealing the fines in both India and Canada. The investment in Rango signifies Binance’s dedication to fostering innovation in the crypto industry and expanding its reach in the decentralized finance sector.