Arbitrum’s 3rd Largest DeFi Protocol Scores $10M Funding From Binance Labs
Binance’s venture capital and incubation arm, Binance Labs, has announced investing $10 million in LayerZero Labs-based lending and borrowing protocol, Radiant Capital.
The capital raised in the strategic funding round will be deployed to tech and product development to expand on oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain liquidations, dual-emissions support, abstracted repayments, and full LayerZero messaging support.
- According to the official blog post, the company believes that these developments will aid in bringing the next 100 million users into decentralized finance (DeFi).
- Radiant Capital is built on top of a Binance-supported company, LayerZero Labs.
- The protocol currently enables users to borrow and deposit tokens and currently resides on the BNB Chain and Arbitrum on the Ethereum blockchain.
- The latest capital infusion is expected to help Radiant expand to numerous EVM chains in a bid to eliminate the need for countless transactions to conduct lending, borrowing, bridging, and swapping between chains.
- Commenting on the latest development, Yi He, Co-Founder of Binance and Head of Binance Labs, said
“Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.”
- Meanwhile, its developer, LayerZero, partnered with layer-1 protocol Radix to offer users omnichain communication services and enhance their Web3 experience in April this year.
- The blockchain interoperability protocol teamed up with a layer-1 network called ‘Tenet’ focused liquid staking derivatives (LSDs) the following month.
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Text source: CryptoPotato
