• Binance’s venture capital arm, Binance Labs, has invested $10 million into Radiant Capital (RDNT), a cross-chain lending and borrowing crypto protocol.
• The funds will be used to expand the project and onboard 100 million new users into DeFi.
• News of the investment caused RDNT to surge 11%, though it has since retraced.
Binance’s Venture Capital Arm Invests in DeFi Altcoin
Binance’s venture capital arm, Binance Labs, has recently announced that it is investing $10 million into Radiant Capital (RDNT). RDNT is a cross-chain lending and borrowing crypto protocol built on top of layer-2 scaling solution Arbitrum (ARB). The funds will be used to improve the project and facilitate the onboarding of 100 million new users into decentralized finance (DeFi).
According to a blog post by Binance, the funds raised from this investment will be put toward further tech and product development. This includes expanding oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain liquidations, dual-emissions support, abstracted repayments, and full LayerZero messaging support. Yi He , co-founder of Binance and head of Binance Labs commented on this investment in the blog post saying “Radiant’s commitment to facilitating seamless cross-chain transactions for DeFi… demonstrates its potential for driving mass adoption.”
Impact on RDNT Price
News of the investment caused RDNT to jump from its 24-hour low of $0.292 to $0.342 – an 11% increase. However, since then RDNT has retraced slightly and is now trading at around $0.302 at time of writing.
Radiant Capital Ranking
According to data from its blog post , 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-.
This investment by one of the world’s biggest crypto exchanges shows promise for Radiant Capital’s future success as well as for DeFi adoption overall. With additional funding now available for development purposes more features may become available soon that help make using decentralized finance easier than ever before!