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.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
