Binance Labs, the venture capital arm of the world’s largest crypto exchange by trading volume, has committed to investing $5 million in the Curve DAO Token (CRV), the token behind the Curve decentralized exchange (DEX) on the Ethereum blockchain. As part of the collaboration, Curve is exploring a potential deployment on Binance’s BNB Chain, according to an announcement blog post.

Curve is a stableswap and DEX that has about $2.4 billion in total value locked (TVL), according to DefiLlama data. Some of the decentralized finance(DeFi) luster rubbed off last month when Curve was hacked for more than $70 million.

"Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023,” said Yi He, co-founder of Binance and head of Binance Labs. “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem."

The Curve DAO Token is the utility token of the Curve DeFi protocol that’s used to exchange stablecoins and other supported tokens along with staking and governance purposes. CRV was up 4.8% to 64 cents after the Binance investment was announced, before settling back down to 61 cents.