Binance's Investments in Cryptocurrency Projects: Helio Protocol Receives $10 Million - COINTURK NEWS
reklamı kapat

Binance’s Investments in Cryptocurrency Projects: Helio Protocol Receives $10 Million

10:24 pm (41 days ago)
August 11, 2023

Whale movements are closely monitored by crypto investors for one purpose: to identify which altcoins are seen as opportunities by investors managing large capital. In this context, investments made by Binance and other major industry players also create great excitement in the market.

Binance’s Investments in Coins

After announcing its investment in CRV Token yesterday, Binance today announced that it has invested $10 million in another project. It is highly significant for every project to receive support from the largest cryptocurrency exchange in terms of volume. Binance Labs, the venture capital and incubation arm of Binance, announced today that it has invested in the Helio Protocol.

This protocol has a total locked value (TVL) of approximately $300 million, with $260 million USD worth of assets staked. The Helio Protocol, a project that combines the over-collateralized lending of decentralized stablecoin HAY as a service (StaaS) with the LSDfi infrastructure, has become one of the biggest investment news of recent times.

In July 2023, Helio Protocol acquired Synclub to unlock the full potential of HAY by including additional LSTs as collateral, thus increasing capital efficiency for maximum rewards and empowering users. The addition of Synclub’s staking infrastructure and expertise aims to provide users with a safer and more refined staking experience.

Helio Protocol

Binance has turned to alternative options this year due to the targeting of its own stablecoin BUSD by US regulators. The redemptions for BUSD issued by Paxos will end next February and this token will be delisted from exchanges. In preparation for this, Binance has made investment decisions in many projects with the aim of diversifying stablecoin diversity on the exchange.

Yi He, Co-founder and President of Binance Labs, said today:

Binance Labs is committed to supporting DeFi projects and founders who promote innovation for the future of the Web3 industry. We see tremendous potential in the LSDfi sector, which plays a crucial role in the overall growth of the DeFi ecosystem. We look forward to working with Helio and Synclub.

As the application token is likely to be listed in the near future, users can embark on an airdrop hunt. We may hear more about this project in the future as it is still in its early stages.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore the risk associated with cryptocurrencies and should conduct their own research.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts