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,
“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. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.”
Radiant Capital is ranked as the number one lending protocol on ARB in terms of total value locked while ranking as the fifth DeFi protocol on BNB Chain, the blockchain of Binance, according to the blog post.
News of the investment sent RDNT flying from its 24-hour low of $0.292 to $0.342, an 11% increase. It has since retraced and is trading for $0.302 at time of writing.
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The post DeFi Altcoin Jumps As Binance’s Venture Capital Arm Invests $10,000,000 in the Crypto Project appeared first on The Daily Hodl.