Binance Labs Pours $10 Million into Cross-Chain DeFi Lender, Radiant Capital

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

July 21, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Crypto exchange Binance’s venture capital arm – Binance Labs – has invested $10 million in Radiant Capital, a marketplace for providing liquidity and borrowing cross-chain assets.

Announced Thursday, the strategic funding round will help Radiant build new technologies and product development to expand on oracle support, collateral expansion, deploying Ethereum mainnet, cross-chain liquidations and more.

Additionally, Radiant would make it simpler for consumers to lend and borrow money across various blockchains to tackle the liquidity problem in the DeFi space. The company aims to expand to several EVM chains and support full LayerZero messaging.

“Their investment will play a crucial role in propelling Radiant to new heights as the protocol expands to new chains, continues to scale, and drives utility back into the ecosystem,” George Macallan, founder of Radiant Capital noted.

The funding is a part of Binance Lab’s commitment to support innovative projects in the ecosystem, “that will lead the next era of DeFi in a chain-agnostic and user-centric manner,” the announcement said.

Radiant believes that the developments will see the next 100 million users come into and benefit from decentralized finance (DeFi). Macallan noted that the partnership with Binance Labs allows his platform to benefit from Binance’s “extensive expertise, resources, and strategic support.”

“Radiant Capital’s mission is to usher in a new era of DeFi focused on providing a seamless, secure, and easy-to-use omnichain lending experience. This is critical to the DAO’s end goal of onboarding the next generation of DeFi into the Web3 ecosystem.”

Radiant’s Native Token RDNT Reacts Positive

Following the announcement of the collaboration with Binance Labs, the native token of Radiant rose 10% to near $0.32. RDNT functions as a utility token of the Radiant ecosystem.

The price movement has coincided with volume below its average level and the token’s market cap has risen. RDNT’s market cap sits at $89,323,715 at press time, and given the price movement relative to the 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 by almost 1.6 times in just one month.