Binance Labs Invests $10 Million in Radiant Capital, RDNT Jumped Over 10%
Binance Labs, the venture capital and incubation arm of the renowned cryptocurrency exchange Binance, has made a significant investment of $10 million in Radiant Capital, a cutting-edge lending and borrowing protocol that operates on top of Binance Labs’ portfolio company, LayerZero Labs.
The primary goal of Radiant Capital is to bridge the gap in liquidity across various decentralized finance (DeFi) ecosystems, prioritizing user-centricity and supporting interoperability between different blockchains. Tokens of Radiant Capital (RDNT) jumped over 10% to $0.3 after the news of Binance’s investment.
Radiant Capital has introduced a revolutionary cross-chain lending and borrowing protocol, allowing users to seamlessly deposit and borrow assets across multiple blockchain networks. This innovative approach streamlines the process for participants, making it more efficient and convenient. Currently, the protocol supports more than 20 collateral options, and its commitment to expanding cross-chain functionality through community voting on Loan-To-Value parameters and oracle usage promises to bring forth even more opportunities.
Yi He, the Co-Founder of Binance and Head of Binance Labs, expressed enthusiasm for supporting promising DeFi projects that drive industry progress and push the boundaries of innovation. He commended Radiant Capital’s efforts in enabling smooth cross-chain transactions for DeFi and acknowledged its notable performance on Arbitrum and BNB Chain. He anticipates that Radiant has the potential to fuel widespread DeFi adoption and make significant contributions to the growing DeFi ecosystem.
Radiant Capital’s vision is ambitious; the company aims to extend its reach to various EVM chains to eliminate the need for excessive transactions when facilitating lending, borrowing, bridging, and swapping between chains. Since its launch, Radiant Capital has experienced remarkable growth, achieving notable milestones such as becoming the leading lending platform on Arbitrum in terms of Total Value Locked (TVL) and ranking as the fifth most prominent DeFi protocol on BNB Chain.
The strategic $10 million funding raised from Binance Labs will play a pivotal role in propelling Radiant Capital’s technological and product development. The company plans to use the funds to enhance oracle support, expand collateral options, deploy on the Ethereum mainnet, enable cross-chain liquidations, provide dual-emissions support, implement abstracted repayments, and offer full LayerZero messaging support. These developments aim to make DeFi more accessible and onboard the next 100 million users into the decentralized finance ecosystem.
George Macallan, the Founder of Radiant Capital, expressed excitement about the partnership with Binance Labs, highlighting the valuable expertise, resources, and strategic support that Binance Labs brings to the table. The investment from Binance Labs will play a vital role in driving Radiant to new heights as it expands to additional chains, scales up its operations, and contributes to the thriving DeFi ecosystem.
Radiant Capital’s overarching mission is to provide a seamless, secure, and user-friendly omnichain lRadiant is a pioneering cross-chain money market that aims to bridge fragmented liquidity across DeFi by enabling users to deposit and borrow assets seamlessly across multiple blockchain networks. The platform empowers Dynamic Liquidity Providers with governance authority and a share in platform fees, utilizing prominent assets like bitcoin, ether, BNB, and stablecoins.
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