Crypto exchange Binance‘s investment arm continues its investments as the market recovery persists. The company has been supporting ventures in the DeFi space for a long time. CZ previously announced that they would accelerate their investments as DeFi protocols are expected to see more demand in the future.
Binance Breaking News
Crypto exchange Binance has invested in an Ethereum liquid restaking protocol built on EigenLayer through its venture capital arm Binance Labs, which holds assets worth 10 billion dollars. The investment in Puffer Finance was just announced. The sentiment that the approval of a spot ETH ETF is approaching could further increase interest in such restaking protocols.
Binance Labs did not disclose the investment amount, but Puffer announced that the incoming investment would be directed towards product development. Thanks to this investment, the team that will bring pufETH to the BNB Chain is paving the way for users in the ecosystem to earn staking and restaking rewards.
Puffer’s co-founder and CTO Jason Vranek said;
“Puffer is a high-level Ethereum liquid staking method where you earn proof-of-stake rewards with validators. In addition, we perform native restaking on EigenLayer to earn extra rewards.”
Before Binance Labs’ investment, Puffer had also received investments from other investors such as Brevan Howard Digital, Jump Crypto, and Lightspeed Faction.
