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Binance’s venture capital and incubation division, Binance Labs, has revealed its investment of $10 million in Radiant Capital, a lending and borrowing protocol developed by LayerZero Labs.
The funds acquired in this strategic funding round will be utilized for technological and product advancements, focusing on enhancing oracle support, expanding collateral options, deploying on the Ethereum mainnet, facilitating cross-chain liquidations, supporting dual emissions, enabling abstracted repayments, and providing comprehensive LayerZero messaging support.
- As stated in the official blog post, the organization is confident that these advancements will assist in attracting the next 100 million users to decentralized finance (DeFi).
- Radiant Capital is constructed on a foundation provided by LayerZero Labs, which is backed by Binance.
- The protocol currently allows users to borrow and deposit tokens and is operational on the BNB Chain and Arbitrum within the Ethereum blockchain.
- This recent capital injection is anticipated to enable Radiant to extend its reach to various EVM chains, aiming to reduce the necessity for multiple transactions for lending, borrowing, bridging, and swapping across chains.
- In response to this development, Yi He, Co-Founder of Binance and Head of Binance Labs, remarked
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“Radiant Capital’s dedication to enabling seamless cross-chain transactions for DeFi, along with its performance on Arbitrum and BNB Chain, highlights its potential to drive widespread adoption. We are eager to witness Radiant’s ongoing growth and further contributions to the ecosystem.”
- Additionally, its developer, LayerZero, formed a partnership with the layer-1 protocol Radix to provide users with omnichain communication services and improve their Web3 experience in April of this year.
- The blockchain interoperability protocol collaborated with a layer-1 network named ‘Tenet’ focused on liquid staking derivatives (LSDs) in the following month.
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