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Binance, the world’s largest cryptocurrency exchange by volume, has just announced its latest investment. Through its venture capital arm, Binance Labs, the exchange invests in numerous projects in their early stages. These projects then start trading on the exchange after a few months, allowing early adopters to reap significant profits.
Latest News from Binance
It is expected that the demand in the DeFi sector will continue to grow in the future. To maintain its share in this expanding market, Binance invests in such projects. The crypto exchange, Binance, made a $10 million investment in Radiant Capital, a cross-chain lending and borrowing protocol, through its venture capital arm, Binance Labs.
According to the announcement, this funding round is part of Binance Labs’ commitment to supporting innovative projects that will lead the next era of DeFi, independently from any blockchain and with a user-centric approach.
Radiant is built on LayerZero, an interoperability protocol that enables multiple blockchains to communicate with each other. LayerZero Labs, the developer of LayerZero, is also part of Binance Labs’ portfolio.
Radiant supports lending and borrowing between different blockchains and currently offers multiple collateral options on Arbitrum and BNB Chain. The team announced their plans to expand the protocol’s functionality to more Ethereum-compatible networks over time.
Radiant DAO aims to consolidate approximately $22 billion of fragmented liquidity currently spread across the top ten alternative networks.
Yi He, co-founder of Binance and president of Binance Labs, stated:
“Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi and its performance on Arbitrum and BNB Chain demonstrates the potential to increase mass adoption.”
