• Binance’s venture capital arm has invested $10 million into Radiant Capital (RDNT), a cross-chain lending and borrowing crypto protocol.
• The funds will be used to improve the project and push 100 million new users into the world of DeFi.
• News of the investment sent RDNT soaring, from its 24-hour low to an 11% increase.
Binance Investing in DeFi Altcoin
Binance’s venture capital arm, Binance Labs, has invested $10 million into Radiant Capital (RDNT), a cross-chain lending and borrowing crypto protocol built on top of layer-2 scaling solution Arbitrum (ARB). The funds will be used to significantly improve the project and push 100 million new users into the world of decentralized finance (DeFi).
Impact on Price Action
News of the investment sent RDNT flying from its 24-hour low of $0.292 to $0.342, an 11% increase. It has since retraced and is trading for $0.302 at time of writing.
Radiant Capital’s Commitment to Facilitating Cross Chain Transactions
According to Yi He, co-founder of Binance and head of Binance Labs, “Radiant aims to expand to numerous [Ethereum Virtual Machine] chains, eliminating the need for countless transactions to facilitate lending, borrowing, bridging, and swapping between chains… We look forward to seeing Radiant’s continued growth and further contributions to the ecosystem.”
Ranking High Amongst Other Crypto Projects
Radiant Capital is ranked as the number one lending protocol on ARB in terms of total value locked while ranking as the fifth DeFi protocol on BNB Chain according to Binance’s blog post about their investment in RDNT.
Conclusion
The investment by Binance Lab is evidence that they are committed not only advancing DeFi industry but also pushing its boundaries with innovation. The impact this will have on both price action as well as adoption should not be underestimated; it could perhaps mark an important milestone in increasing mainstream use of cryptocurrencies in general.