Binance Labs, the incubation and seed funding arm of the world’s largest crypto exchange, led the Series B funding round for Singapore-based startup MATH, the blockchain firm behind the crypto wallet, MathWallet.
Announced Thursday, Binance Labs led a $12 million investment in the cryptocurrency wallet maker, which has received funding from NGC Ventures, Amber Group and Capital6 Eagle.
MathWallet is a multi-platform crypto wallet that supports more than 50 public blockchains and enables storage of Bitcoin and major altcoins like Ethereum, EOS, Tron and more. Additionally, it features cross-chain token exchanges, a multi-chain DApp store and operates nodes for PoS chain.
The company claims to have been profitable since the beginning of 2020, and it has previously raised seed funding from previous rounds of investors that included Fenbushi Capital and Fundamental Labs
The fund injection will be used to expand the startup’s operations including doubling down on its headcount with the addition of software engineers and other business roles.
Moreover, MathWallet plans to build out more decentralized ecosystems connecting Solana, Serum and Math Global with its signature product, together with other major blockchains.
Binance Looks to Grow the Defi Ecosystem
“We have been super impressed with the MATH’s growth since its launch. Their comprehensive coverage of public blockchains and their early support for and cooperation with the Binance Smart Chain were instrumental in our investment decision. We look forward to growing the DeFi ecosystem together with MATH,” said Wei Zhou, Head of Binance Labs.
Eric Yu, Co-founder and CTO of MathWallet, added: “We are delighted that Binance Labs has chosen to invest in our growth. Within just three years, the team has grown from a small start-up company to one of the most influential companies in the industry. The deep cooperation with Binance Labs and Binance Smart Chain will further expand our business to the global market and continuously break through with product innovation.”
MathWallet secured $7.8 million in Series A+ financing round in November, led by Alameda Research, which claims to manage over $100 million in digital assets and trade $600 million to $1.5 billion per day.
Furthermore, the new investment saw participation from well-known industry names such as Texas-based crypto fund Multicoin Capital.
Binance Labs has been an early backer of Elrond project and has already led a $3.25 million funding round together with Electric Capital and NGC Ventures. Though, Elrond (ERD) was barely known before its Binance hook-up, with the launch of the DEX having already sparked excitement among crypto traders.