For the past few days, the cryptocurrency giant Binance has been giving several investment announcements that have significantly impacted the prices of altcoins. Just a while ago, the company’s investment arm, Binance Labs, made an investment in a new altcoin. Following the sharing of this news, the price increased by approximately 10 percent.
Why is PENDLE Coin Rising?
Binance Labs invested in Project Fylde, a trading protocol that allows users to implement various yield management strategies. This investment is the latest one the company made in the DeFi sector. The company has been primarily investing in DeFi projects for a while now. Following the news, the PENDLE Coin price saw an increase of over 10 percent, reaching $0.66.
According to the Binance announcement;
“Funds will be used to expand the access of Project Fylde in various blockchain ecosystems and provide inclusive access to DeFi yield opportunities for both individual and institutional users. Pendle Finance, focusing specifically on inclusivity, has developed various features that provide greater flexibility for yield management through an intuitive platform. Fixed income, which has traditionally been the backbone of corporate hedging, will play a significant role in the project’s growth and unlock access to more definitive returns, allowing users to optimize accordingly.”
The Co-founder and CEO of Pendle Finance stated the following;
“At Pendle, we are on a mission to redefine how users experience generating yield. Our collaboration with Binance Labs brings unique expertise and resources that will catalyze our growth, ultimately enhancing the accessibility and usability of yield opportunities across numerous spaces. We are excited to embark on this journey together and take DeFi into a new era of inclusivity and innovation.”
