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Multichain raised $60 million in a venture capital round this week, becoming the latest crypto unicorn in sporting a $1.2-billion valuation. 

The round was led by Binance Labs, the venture capital and incubation arm of the exchange Binance. Other participating investors included: Sequoia China, IDG Capital, Three Arrows Capital, DeFiance Capital, Circle Ventures, Tron Foundation, Hypersphere Ventures, Primitive Ventures, Magic Ventures and HashKey.


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Multichain was until recently known as Anyswap before branding. The company focuses on so-called cross-chain infrastructure — essentially improving communications, coding and cross-functionality between a host of public blockchains. 

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The company supports 25 presently, including Ethereum, Fantom, Binance Smart Chain, Avalanche, Moonriver, Arbitrum, Polygon and Harmony.

Multichain said the firm would primarily use the funding to increase its staff size, especially when it comes to research and development behind crypto algorithms, security-focused personnel and also customer support services. 

The company deals with more than 1,000 different crypto assets tied to its supported mainets. Users have grown to more than 300,000, Multichain said, contributing to a total value locked (TVL) in excess of $5 billion. 

The co-founder of Multichain, Zhaojun, said in a statement the company "is the cross-chain infrastructure that connects more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels."

"Aligning with our plan to improve Web3, Multichain will integrate NFT Cross-Chain Bridge and our new anyCall solution for arbitrary cross-chain contract calls, supporting innovative NFT and DeFi DApps in cross-chain ecosystems," he said. "We will remain on the frontline of cross-chain research."