Barely a few days after unveiling its strategic investment in Delphinus Lab, Binance Labs has also invested in Pendle Finance. In a Wednesday announcement, the venture capital of the leading crypto exchange said its new move with Pendle demonstrates its ongoing support for promising startups in the crypto industry.
Binance Labs describes Pendle Finance as a DeFi platform that unlocks the tokenization of yields. It added that its investment in the protocol is driven by its potential to drive the next generation of the DeFi ecosystem. The venture capital is optimistic that the funding will enable Pendle to expand its presence across various ecosystems in the blockchain world. With this, it will be able to provide DeFi yield solutions to its retail and institutional customers.
According to Binance Labs, Pendle Finance has, in recent years, come up with solutions that deliver tremendous flexibility for efficient management of yield. It supports at least 25 pools across three blockchain networks. They are Ethereum, Arbitrum, and BNB Chain. The bulk of these pools are Liquid Staking Derivative-oriented, availing users with the best ways to harness staking incentives. Now, with the investment from Binance, it will look towards expanding its reach across many ecosystems to grow the yield economy.
Binance Labs aiming to drive DeFi innovations – Co-founder
Yi He, co-founder and head of Binance Labs pledged the firm’s commitment to driving innovation in the evolving DeFi space. He believes that such an effort will help to bring DeFi solutions to a wide audience. Also, the exec said Pendle Finance’s activities on multi-chain expansion and yield strategies complement Binance’s vision for DeFi. He added that the venture capital will continue to support the team’s efforts towards transforming the DeFi space.
Similarly, the CEO of Pendle Finance, TN emphasized the firm’s vision to reedify users’ experience with yield generation. The CEO describes the investment by Binance Labs as a huge landmark for his team. According to TN, the collaboration will pave the way for unequaled resources capable of aiding the growth of Pendle Finance.
Earlier, Binance Labs invested in Delphinus Lab, an infrastructure provider in the zkWASM space. According to the announcement, Delphinus aims to invest the fund in its zkWASM-oriented solution, zkWASM hub.