DeFi Altcoin Jumps As Binance’s Venture Capital Arm Invests $10,000,000 in the Crypto Project
A decentralized finance (DeFi) altcoin is surging after the venture capital arm of the world’s biggest crypto exchange by volume invested millions of dollars into it.
In a new company blog post, Binance says that Binance Labs has invested $10 million into Radiant Capital (RDNT), a cross-chain lending and borrowing crypto protocol built on top of layer-2 scaling solution Arbitrum (ARB).
According to the crypto exchange, the funds they invested will be used to significantly improve the project and push 100 million new users into the world of DeFi.
“Radiant aims to expand to numerous [Ethereum Virtual Machine] chains, eliminating the need for countless transactions to facilitate lending, borrowing, bridging, and swapping between chains…
The funds raised will be put toward further tech and product development to expand on oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain liquidations, dual-emissions support, abstracted repayments, and full LayerZero messaging support. These developments aim to facilitate the onboarding of the next 100 million users into DeFi.”
As stated by Yi He, co-founder of Binance and head of Binance Labs, in the blog post,
