PancakeSwap (CAKE) surges as Binance invests

PancakeSwap (CAKE) rose almost 10% after it was announced that Binance had invested.

Binance’s venture capital arm, Binance Labs, has invested in CAKE, the native token of PancakeSwap, one of the leading decentralized crypto-asset trading platforms, according to a statement Monday. Following the news, CAKE saw a 9% surge to as high as $4.83, according to CoinGecko data.

PancakeSwap accounted for a whopping 14.43 percent of DEX trading volume last May. Bill Qian, President of Binance Labs, said that the platform is leading the launch of BNB Chain and said they will continue to support it.

CAKE is trading at $4.74 at the time of publication.