A decentralized finance (DeFi) altcoin is on the rise after the venture capital arm of the world’s largest crypto exchange by volume invested millions of dollars in it.
At a new company blog postBinance says Binance Labs has invested $10 million in Radiant Capital (RDNT), a cross-chain crypto lending and borrowing 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 to the world of DeFi.
“Radiant wants to expand to numerous [Ethereum Virtual Machine] chains, eliminating the need for countless transactions to facilitate lending, borrowing, bridging and swapping between chains…
The money raised will be used for further technology and product development to expand oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain liquidations, dual issue support, abstracted repayments, and full LayerZero messaging support. These developments are intended to ease the onboarding of the next 100 million users into DeFi.”
As stated by Yi He, Binance Co-Founder and Head of Binance Labs, in the blog post:
“Binance Labs actively seeks promising DeFi projects that not only advance the industry but also push the boundaries of innovation.
Radiant Capital’s commitment to enabling seamless cross-chain transactions for DeFi, and its performance on Arbitrum and BNB Chain demonstrate its potential for driving mass adoption. We look forward to 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 locked value, while it is ranked as the fifth DeFi protocol on BNB Chain, Binance’s blockchain, according to the blog post.
News of the investment sent RDNT flying from its 24-hour low of $0.292 to $0.342, up 11%. It has since been withdrawn and is trading at $0.302 at the time of writing.
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Image generated: Midway through the journey