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Binance Labs, a venture capital firm, has invested strategically in Lombard Finance, a pioneering Bitcoin liquid staking platform. This move showcases the ongoing evolution of decentralized finance (DeFi). The collaboration promises to enhance the DeFi landscape while unlocking new opportunities for Bitcoin holders.
Lombard Finance and Binance Labs: A Partnership Forged in Innovation
During a recent interview, Jacob Phillips Lombard’s Co-founder and Head of strategy revealed that discussions between the two entities began a couple of months ago. Phillips confirmed that Lombard has secured approximately $17 million in funding to support its operations. However, he did not disclose the details of the investment structure.
Phillips expressed enthusiasm about the collaboration with Binance Labs. He added that it may set the stage for unprecedented growth in the DeFi ecosystem. The Bitcoin liquid staking platform is poised to revolutionize how Bitcoin holders interact with their assets.
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Lombard Finance’s Innovative Strides
Lombard Finance is built on Babylon, a key player in the Binance Labs ecosystem known for its DeFi projects. At its innovation core is LBTC, a Bitcoin liquid staking token that allows users to earn yield while maintaining the value of their assets.
Phillips explained that LBTC represents Bitcoin staked in Babylon. It enables users to provide economic security and use the token for lending, borrowing, yield farming, and trading. Impressively, the platform boasts of a Total Value Locked (TVL) that exceeds $640 million. With new funding from Binance Labs, Lombard aims to expand its operation.
The platform hopes to expand LBTC access to an additional blockchain ecosystem. This development will enable holders of Binance Bitcoin (BTCB) to convert their assets to LBTC.
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Notably, liquid staking has emerged as a significant innovation within the crypto industry. It offers users a way to stake their assets while maintaining liquidity. Over the years, key industry players, including MetaMask, Ankr, and MoonRock, have invested in the sector.
Binance Labs Embraces DeFi Innovations
This partnership comes when Binance Labs focuses on staking and restaking across diverse blockchain ecosystems. This includes staking projects across Bitcoin, Ethereum, Solana, and Berachain. Last month, BNB Chain revealed that the venture firm invested in five top-performing projects from the seventh season of the Most Valuable Builder (MVB) program.
This highly competitive accelerator program is established to identify, support, and showcase the most promising projects and builders in the blockchain space. This collaboration highlights Binance Labs’ ambition to take the lead in innovative blockchain solutions.
