Binance Labs, the venture capital arm of the world’s leading crypto exchange Binance, has invested $10 million in decentralised crypto lender Radiant Capital (RDNT). Radiant’s lending and borrowing protocol is built on top of LayerZero, which is one of Binance Labs’ portfolio companies.
According to an announcement from Binance, this strategic funding round is part of their commitment to crypto innovation, including the support of next-generation, chain-agnostic DeFi projects. Radiant brings this goal to the market by allowing users to borrow and lend across any chain.
Yi He, Binance co-founder and head of Binance Labs, said: “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.”
The funds will be used to expand Radiant’s DeFi product to more EVM chains. This will add to the traction seen on Arbitrum and BNB Chain, with the aim of the protocol becoming one of the best DeFi platforms in the world.
Radiant expects this to include expansion of oracle support, collateral, cross liquidations and abstract repayments. Furthermore, they plan to deploy on Ethereum mainnet and full integration with LayerZero’s messaging support. Radiant believes these developments will see the next 100 million users benefit from DeFi.
Commenting on this milestone, Radiant Capital founder George Macallan said that the partnership with Binance Labs allows the platform to benefit from Binance’s “extensive expertise, resources, and strategic support.” He added: “Their investment will play a crucial role in propelling Radiant to new heights as the protocol expands to new chains, continues to scale, and drives utility back into the ecosystem.”
Radiant’s native token RDNT reacted positively to the news, with its value jumping 10% to near $0.32.