An under-the-radar altcoin is in the midst of a parabolic rally after receiving surprise support from Binance, the largest crypto exchange in the world.
Biswap (BSW) is a decentralized exchange (DEX) powered by the Binance Smart Chain (BSC) network that uses an automated market maker (AMM) system to fulfill orders.
The project is backed by Binance Labs, the venture capital arm of Binance, which announced a strategic partnership with Biswap in October of last year.
According to Nicole Zhang, director of Binance Labs, Biswap is one of the most innovative and popular projects on BSC, and the investment in the project was in line with Binance’s goal to promote decentralized finance (DeFi) and blockchain infrastructure.
Biswap aims to give users a 3-type referral program, low fees, the ability to exchange BEP-20 tokens, provide liquidity, and stake tokens in yield farms and launchpools.
After news of Binance officially listing Biswap in its Innovation Zone, BSW exploded from $0.35 to $1.14 in a matter of hours, representing gains of over 225% in less than half a day.
At time of writing, BSW is trading at $0.94, up 165% on the day and 264% from its all-time low of $0.27.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
