With fresh capital at hand, MATH, the organization that is behind the development of MathWallet, looks to expand its products and services, as well as support the growth of Binance's native blockchain Binance Smart Chain (BSC).
"MATH will work with BSC to expand to additional markets, bringing more trading volume and users into the ecosystem," said the organization.
Binance, on the other hand, looks to grow the decentralized finance (DeFi) ecosystem with its native blockchain. In other words, it plans to onboard as many DeFi apps as possible on its BSC network.
MathWallet is a multi-chain wallet, supporting more than 60 blockchains, including Bitcoin, Ethereum, Solana, and Polkadot. It claims to have more than 1 million users.
MATH's Series B comes just two months after it raised Series A in October. At the time, the Singapore-based firm raised $7.8 million in the round led by Alameda Research and Multicoin Capital.
This story has been updated to provide clarity on MATH and MathWallet
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."