PancakeSwap (CAKE-USD) coins are climbing 8% in early Monday trading after Binance Labs, the venture capital arm of crypto exchange Binance, made an investment in the decentralized exchange. Launched in September 2020, PancakeSwap (CAKE-USD) is a decentralized exchange built on the BNB Chain that delivers an automated market maker for users to trade decentralized finance ("DeFi") tokens. Binance Labs' investment aims to provide PancakeSwap (CAKE-USD) with technology development, marketing and community support in addition to web3-focused services, according to a blog post. “PancakeSwap has been leading the development and mass adoption of BNB Chain. Given that PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on BNB Chain, we have and will continue to provide strong support for the project,” said Head Binance Labs Bill Qian. In mid-March, PancakeSwap made an alliance with Binance.
