Binance’s venture capital arm, cryptocurrency exchange Binance Labs, has invested $10 million in Radiant Capital, an exchange for providing liquidity and borrowing cross-chain assets.
Announced Thursday, the strategic funding round will help Radiant create new technologies and develop products to broaden Oracle support, collateral expansion, Ethereum mainnet implementation, cross-chain settlements, and more.
Additionally, Radiant would make it easier for consumers to lend and borrow money across various blockchains to address the liquidity problem in the DeFi space. The company aims to expand to various EVM chains and support full LayerZero messaging.
“Their investment will play a crucial role in driving Radiant to new heights as the protocol expands to new chains, continues to scale, and drives utility back into the ecosystem,” said George Macallan, founder of Radiant Capital.
The funding is part of Binance Lab’s commitment to support innovative projects in the ecosystem, “that will lead the next era of DeFi in a user-centric and chain-agnostic way,” the statement said. advertisement saying.
Radiant believes that the developments will see the next 100 million users jump on and benefit from decentralized finance (DeFi). Macallan noted that the partnership with Binance Labs allows their platform to benefit from Binance’s “extensive experience, resources, and strategic support.”
“Radiant Capital’s mission is to usher in a new era of DeFi focused on providing a transparent, secure and easy-to-use omni-chain lending experience. This is critical to the DAO’s ultimate goal of bringing the next generation of DeFi into the Web3 ecosystem.”
Radiant’s native RDNT token reacts positively
Following the announcement of the collaboration with Binance Labs, Radiant’s native token rose 10% to around $0.32. RDNT functions as a utility token of the Radiant ecosystem.
The price movement coincided with below-average volume and the token’s market capitalization increased. RDNT’s market cap sits at $89,323,715 at press time, and given the price movement relative to recent changes in market cap and volume, the token is a low-risk assessment.
The token reached its all-time high price of $0.49 in March 2023, where it grew almost 1.6 times in just one month.
