“Innovations such as Cross Chain Collateralization and Smart Vaults expand our reach to Ethereum and beyond, bringing us one step closer to realizing our vision to put the power of Defi in everyone’s hand," said Jun Hur, CEO and Co-Founder of MOUND.
SEOUL, South Korea (PRWEB) April 12, 2021
Binance Labs, the venture capital arm and incubator of Binance, has led the recent $1.6 million round of strategic investment in MOUND, the innovative team behind Pancake Bunny. Launched in December 2020, Pancake Bunny delivers an engaging Defi experience that is informed by decades of product design and live service expertise. Today, Pancake Bunny is one of the leading Defi projects on the Binance Smart Chain (BSC), adding over USD 1.6 Billion in TVL and over 20,000 DAU in the month of March alone.
MOUND will use the strategic investment by Binance, IDEO CoLab, SparkLabs Korea, Andrew Lee and others to accelerate the delivery of new, cutting-edge features and products -- such as Cross-Chain Collateralization and Smart Vaults -- and enhance the ongoing development and optimization of the Pancake Bunny platform. With this strategic investment, Binance and MOUND will work together to innovate across the full spectrum of Defi activity on BSC -- from farming to lending to swapping -- and to deliver the uniquely high returns that BSC makes possible to consumers outside the BSC community.
"We were impressed by the phenomenal growth at MOUND (Pancake Bunny), especially with MOUND’s ability to create value for users on the Binance Smart Chain (BSC). Our decision to invest was based on our high rating of the MOUND team’s execution and product expertise. We look forward to bring DeFi on BSC to the next level with Pancake Bunny,” said Wei Zhou, CFO Binance, Head of Binance Labs & M&A’s.
“We are extremely excited to partner with Binance to bring the massive returns enabled by the Binance Smart Chain to new markets,” said Jun Hur, CEO and Co-Founder of MOUND. “Innovations such as Cross Chain Collateralization and Smart Vaults expand our reach to Ethereum and beyond, bringing us one step closer to realizing our vision to put the power of Defi in everyone’s hand. With decades of experience across the game, app, and finance industries, Team MOUND is committed to a user-centered approach to design and live service. We are profoundly grateful to the incredible Pancake Bunny community, whose amazing support and enthusiasm have propelled Pancake Bunny to a TVL of over $1.6 billion and a DAU of over 22,000 in just 4 months.”
This investment is part of Binance Labs' ongoing initiative to promote DeFi and blockchain infrastructure, and to support startup innovation.
About Pancake Bunny
Pancake Bunny delivers best-in-class auto-compounding yields through the Binance Smart Chain. Launched in December 2020, Pancake Bunny has now accumulated over $1.6 billion in Total Value Locked (TVL). In the past 30 days, Pancake Bunny has shared over $27 million in performance fees with holders of its $BUNNY token. For more information about Pancake Bunny, visit https://pancakebunny.finance
MOUND is the innovative team behind Pancake Bunny, one of the leading Defi platforms on the Binance Smart Chain. MOUND is dedicated to putting compounding, high-yield returns in the palm of everyone’s hand. Team MOUND is composed of developers and entrepreneurs with extensive experience and success in games, social platforms, quantitative financial services, and blockchain applications. Team MOUND is committed to creating value through product innovation (such as $BUNNY tokenomics and the Cake Maximizer) and an unrelenting focus on the user. Currently Team MOUND is working on adding Smart Vaults and Cross Chain Collateralization to Pancake Bunny’s portfolio of products and features.
About Binance Labs
Binance Labs is an infrastructure impact fund and an initiative launched by Binance to incubate, invest in, and empower blockchain and cryptocurrency entrepreneurs, projects, and communities. The mission of Binance Labs is to solve the problems that matter most to the ecosystem and change the world for the better.
Binance is a blockchain ecosystem comprised of Binance Exchange, Labs, Launchpad, Info, Academy, Research, Trust Wallet and Charity. Binance Exchange is the leading global cryptocurrency exchange, with users from over 190 countries and regions. Capable of processing more than 1.4 million orders per second, Binance is the largest crypto exchange by trade volume and one of the fastest in the world. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike. For more information, visit: https://www.binance.com