Radiant Capital has received a $10 million investment from Binance Labs, the venture capital division of the cryptocurrency exchange Binance. According to a statement, the investment round is a part of Binance Labs’ dedication to assisting creative initiatives that will steer the next phase of DeFi in a chain-neutral and user-centric way.
Cross-chain DeFi Lender Radiant Capital Receives $10 Million Investment from Binance Labs
LayerZero, an interoperability protocol that allows different blockchains to connect, is the foundation upon which Radiant is constructed. The portfolio of Binance Labs includes LayerZero Labs, the company that created LayerZero. On the other hand, Radiant facilitates cross-chain lending and borrowing and now provides a variety of collateral choices on Arbitrum and BNB Chain.
In order to reduce the number of transactions required to support lending, borrowing, bridging, and swapping between chains, the Radiant DAO wants to gradually expand the protocol’s capabilities to other chains that are compatible with Ethereum. In short, approximately $22 billion in fragmented liquidity that is currently spread among the top 10 alternative layers is what Radiant DAO seeks to combine.
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.
Yi He, Binance Co-Founder And Head Of Binance Labs
What will the Funding be Used for?
The company noted that the fundraising round would enable additional product advancements such as extending Oracle support, broadening collateral alternatives, deploying on the Ethereum mainnet, and providing complete LayerZero messaging compatibility. The DAO will receive $5 million, while Radiant’s product development will receive $5 million.
About Radiant Capital
With an emphasis on offering a seamless, safe, and simple-to-use omnichain lending experience, Radiant Capital’s objective is to usher in a new era of DeFi. The DAO’s ultimate objective of integrating the newest DeFi technology into the Web3 ecosystem depends on this.
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