RDNT Up 10% After Binance Labs Invests $10 Million In Radiant Capital
Binance’s investment arm has invested $10 million in DeFi lending protocol Radiant Capital. Radiant Capital’s native token RDNT gained more than 10% following the multi-million dollar investment by Binance. The DeFi lender plans to use the investment for technology and product development.
Binance Labs, the investment and incubation arm of the world’s largest crypto exchange, has invested $10 million in the DeFi lending protocol Radiant Capital. Radiant is a decentralized lender built atop Layer Zero Labs, a part of Binance Labs’ portfolio firms. The DeFi protocol aims to connect users from different chains enabling greater access to liquidity.
Binance’s Funding To Help Radiant Capital’s Ethereum Mainnet Deployment
According to a blog post by Binance, the $10 million raised in Radiant’s strategic funding round will foster the DeFi lender’s tech and product development, paving the way for its expansion on oracle support, dual-emissions support, and collateral expansion. The funds will also help the protocol’s deployment on the Ethereum mainnet. Radiant Capital aims to onboard the next 100 million users into decentralized finance through these developments.
“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. We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.” Yi He, Co-Founder of Binance
Radiant currently supports more than 20 collateral options and plans to expand its cross-chain functionality to additional chains. Data from DeFiLllama shows that Radiant has more than $262 million in total value locked (TVL). In the BNB ecosystem, Radiant is the second largest lending protocol, with a TVL of $73.5 million. The DeFi lender’s bridges are built on the Delta algorithm of Layer Zero, which raised $120 million in a Series B funding round in April this year.
News of Binance Labs’ investment in Radiant led to a 10% in its native token RDNT, which reached as high as $0.319 earlier today. At the time of writing, RDNT was trading at a 3-week high of $0.308. The token’s daily trading volume surged 331% to $79 million.