Binance Labs invests $10M in DeFi protocol Radiant Capital
Binance Labs’ strategic investment in Radiant Capital will help the DeFi protocol expands its product to more EVM chains.
The price of Radiant’s native token RDNT rose 10% following the news.
Binance Labs, the venture capital arm of world’s leading crypto exchange Binance, has invested $10 million in decentralised crypto lender Radiant Capital (RDNT).
Radiant’s lending and borrowing protocol is built on top of LayerZero, one of Binance Labs’ portfolio companies.
Radiant to use funds to expand its DeFi product
According to an announcement from Binance, the strategic funding round continues Binance Labs’ commitment towards crypto innovation, including in supporting next-generation chain-agnostic DeFi projects.
Radiant brings this goal to the market by taking on the fragmented liquidity that beleaguers the DeFi ecosystem. The platform promotes this by allowing users to tap into a bridging innovation to borrow and lend across any chain.
“Binance Labs actively seeks out promising DeFi projects that not only advance the industry but also push the boundaries of innovation. 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,” Binance co-founder and head of Binance Labs Yi He said.
As CoinJournal reported today, Binance has released a mid-year report for the crypto industry in which the exchange highlights growth in the past six months. One of the areas to see significant growth is DeFi.
The Radiant team says the funding comes at a crucial time as the platform looks to expand its product to more EVM chains. This will add to the traction seen on Arbitrum and BNB Chain, with the protocol looking to become of the best DeFi platforms in the world.
Growth is expected to include expansion of oracle support, collateral, cross liquidations and abstract repayments. Also crucial in the product development is deployment on Ethereum mainnet and full integration with LayerZero’s messaging support.
Radiant believes the developments will see the next 100 million users come into and benefit from DeFi. Commenting on this milestone, Radiant Capital founder George Macallan said that the partnership with Binance Labs allows his platform to benefit from Binance’s “extensive expertise, resources, and strategic support.”
“Their investment will play a crucial role in propelling Radiant to new heights as the protocol expands to new chains, continues to scale, and drives utility back into the ecosystem,” he added.
Radiant’s native token RDNT reacted positively to the news, with its value jumping 10% to near $0.32.