Binance’s venture capital and incubation arm Binance Labs has announced a $10 million investment in LayerZero Labs-based lending and lending protocol Radiant Capital.
Capital raised in the strategic funding round will go toward technology and product development to expand Oracle support, collateral expansion, Ethereum mainnet rollout, cross-chain settlements, dual issuance support, abstract redemptions, and full LayerZero messaging support.
According to the official blog post, the company believes that these developments will help attract the next 100 million users to decentralized finance (DeFi). Radiant Capital is based on a Binance-backed company, LayerZero Labs. The protocol currently allows users to borrow and deposit tokens and currently resides on the BNB Chain and Arbitrum on the Ethereum blockchain. The latest capital injection is expected to help Radiant expand to numerous EVM chains in a bid to eliminate the need for countless transactions to perform lending, borrowing, bridging, and cross-chain swapping. 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 demonstrate its potential to drive mass adoption. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.”
Meanwhile, its developer LayerZero partnered with the Radix layer 1 protocol to offer users omnichain communication services and enhance their Web3 experience in April this year. The blockchain interoperability protocol partnered with a layer 1 network called “Tenet” focused on liquid derivatives (LSD) the following month.
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This post Arbitrum’s Third Largest DeFi Protocol Gets $10M Funding From Binance Labs
was published first on https://cryptopotato.com/arbitrums-3rd-largest-defi-protocol-scores-10m-funding-from-binance-labs/