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Reading: Binance Labs Invests in Solana’s Stablecoin Infrastructure
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COINTURK NEWS > Solana (SOL) > Binance Labs Invests in Solana’s Stablecoin Infrastructure
Solana (SOL)

Binance Labs Invests in Solana’s Stablecoin Infrastructure

In Brief

  • Binance Labs invests in Solana's first stablecoin protocol, Perena.

  • The investment aims to bridge traditional finance with decentralized finance.

  • Perena launches a new multi-token stableswap, optimizing capital needs significantly.

Fatih Uçar
Fatih Uçar 5 months ago
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Binance continues its series of announcements through its investment arm, fueled by the increasing activity in cryptocurrency markets. With the resurgence of crypto trading, exchanges and their investment companies find themselves busier than ever. The latest announcement focuses on a project within the Solana $168 network.

The Project Binance Invested In

Binance Labs has made an investment in Perena, the first stablecoin infrastructure protocol on Solana. The investment is targeted towards Quine Co, the company behind the protocol, with a focus on Real World Assets (RWA). Through this protocol, users can mint stablecoins or tokenize assets on the Solana network, which has seen a surge of initiatives bridging traditional banking and decentralized finance.

However, in a network like Solana, known for its speed and low fees, this development appears particularly intriguing. Perena recently launched Numeraire, a significant advancement as the first weighted multi-token stableswap that does not require the management of concentrated liquidity market makers (CLMM), optimizing capital requirements for new stablecoin launches significantly.

Max Coniglio from Binance Labs stated:

“Binance Labs continues to support early-stage projects that drive the growth of the Web3 ecosystem. We are excited to support Perena in their early stages and assist them in their mission to engage the next wave of stablecoin users on Solana.”

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 11 December, 2024 - 5:44 pm 11 December, 2024 - 5:44 pm
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