Binance, the world's largest cryptocurrency exchange, continues to contribute to the industry.
At this point, Binance, which invested 5 million dollars in Curve DAO (CRV), which was exposed to the hacking event in the past weeks, now invested in Helio Protocol.
Binance Labs, the venture capital and incubator arm of Binance, has invested $10 million in Helio Protocol to help expand the protocol's transformation into a liquid staking platform.
“Binance Labs, the venture capital and incubator arm of Binance, has invested $10M in Helio Protocol, a project that combines the over-collateralized lending of local decentralized stablecoin HAY with staking-as-a-service (StaaS) and LSDfi infrastructure.”
Although Helio Protocol is already built on the BNB Chain, the $10 million investment will help expand Helio Protocol to other chains outside of BNB.
Accordingly, the Helio Protocol is to expand after BNB on Ethereum, then on leading L2 networks such as Arbitrum and Zksync.
Yi He, Binance Co-Founder and President of Binance Labs, said in a statement:
“Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of the Web3 industry.
We have seen tremendous potential in the LSDfi industry, which plays a crucial role in driving the overall growth of the DeFi ecosystem.
We look forward to working with Helio and Synclub and hope to see the project grow as a leading LSDfi protocol on BNB Chain and other blockchains.”
*Not investment advice.
