Binance Labs, the venture capital of popular crypto exchange, Binance has unveiled a strategic investment in Renzo, an Ethereum liquid restaking protocol on EigenLayer. While the venture capital did not disclose the sum of the investment, it emphasized in its Thursday blog post that the commitment will help trigger the widespread adoption of EigenLayer.
Don’t forget that Renzo was established to develop shared security on EigenLayer, and also implement the standard for risk management in restaking. Earlier, it secured a $3.2 million investment at a valuation of $25 million. Participants in the funding round include Maven11, Figment Capital, SevenX Ventures, IOSG Ventures, and OKX Ventures amongst others.
With the new investment from Binance Labs, the protocol is aiming to press forward in its quest to advance the restaking world. According to its founding contributor, Lucas Kozinski, Binance Lab’s financial commitment to the project comes in the same structure as the seed round where it recorded $3.2 million in funding.
Moving on, Renzo will capitalize on the investment received from Binance Labs to develop its native ETH restaking on BNB. This, according to its founding contributor, will also be made possible, through its recent collaboration with cross-chain protocol Connext. When live, BNB users will be able to directly restake their ETH tokens for ezETH. Recall that ezETH is the native token of the restaking protocol. Restakers will earn rewards in EigenLayer points and Renzo’s ezpoints for their engagement with the ecosystem.
Binance Labs investing in promising projects
Since its establishment, Binance Labs has been investing in promising projects. Recently, it invested in Puffer Finance, another project in the restaking world. Then, Binance Labs described Puffer Binance as the second-largest liquid restaking project with over $1 billion locked in its ecosystem. More so, it has invested in emerging crypto projects like Pendle Finance and Delphinus Lab. The investment in Pendle Finance has been instrumental in the project’s efforts to drive the next generation of DeFi ecosystem. Then, Pendle Finance affirmed that it would leverage the funding to develop DeFi yield solutions for its retail and institutional users.
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