Arbitrum’s 3rd Largest DeFi Protocol Scores $10M Funding From Binance Labs

Binance Labs, the venture capital and incubation arm of Binance, has announced a $10 million investment in LayerZero Labs-based lending and borrowing protocol Radiant Capital.

The capital raised in the strategic financing round will be deployed to develop technology and products to expand oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain filtering, double emission support, digest reimbursement, and full LayerZero messaging support.

• According to the Official blog postThe company believes that these developments will help bring the next 100 million users into decentralized finance (DeFi).
• Radiant Capital is built on top of Binance-backed company LayerZero Labs.
• The protocol currently enables users to borrow and deposit tokens and is currently found on the BNB Chain and Arbitrum on the Ethereum blockchain.
• The recent capital injection is expected to help Radiant expand into several EVM chains in an effort to eliminate the need for countless transactions to perform lending, borrowing, bridging and swapping between chains.
• Commenting on the latest developments, Yi He, co-founder of Binance and head of Binance Labs, said:

“Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi, and the performance on Arbitrum and BNB Chain demonstrates its ability to drive mass adoption. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.”

• Meanwhile, its developer, LayerZero, partnered with the layer-1 protocol Radix to provide omnichain communication services to users and enhance their Web3 experience in April this year.
• The blockchain interoperability protocol teamed up with a layer-one network called “Tenet” focused liquid staking derivatives (LSDs) the following month.