The enterprise capital arm of Binance has invested $10 million in Radiant Capital, a decentralized finance (DeFi) lending and borrowing protocol.
The brand new funds will go towards tech and product growth, which incorporates increasing collateral and deployment on the Ethereum mainnet
Radiant is constructed on structure from LayerZero Labs, one other Binance Labs portfolio firm. The lending platform goals to tackle DeFi’s fragmented liquidity drawback by serving as a cash market the place customers can deposit and borrow property throughout a number of chains.
Merchants, referred to as Dynamic Liquidity Suppliers, can lock within the native RDNT token to revenue from curiosity and flash mortgage charges and have governance authority inside the Radiant DAO. The protocol’s platform charges are paid out in bitcoin (BTC), ether (ETH), BNB Coin (BNB) and stablecoins.
Radiant, which at present has about $265 million in whole worth locked, based on DeFi Llama knowledge. The platform helps greater than 20 collateral choices and plans so as to add new choices sooner or later because the Radiant DAO expands the performance to extra chains.
“Radiant Capital’s dedication to facilitating seamless cross-chain transactions for DeFi, and efficiency on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption,” stated Yi He, co-founder of Binance and head of Binance Labs, within the press launch.
Radiant was constructed on the interoperability and cross-chain messaging infrastructure of LayerZero, which raised $120 million in April at a $3 billion valuation.
Tokens of Radiant Capital RDNT jumped over 10% to 31 cents after the information of Binance’s funding.
UPDATE (July 20, 13:03 UTC): Provides RDNT token transfer in final para. Updates headline.
