Binance Labs, the venture capital and incubation arm of Binance, has invested in Lombard Finance.
Binance Labs has invested in Lombard, the developer and distributor of LBTC, a security-focused Bitcoin liquid staking token that allows both individual investors and large institutions to earn returns on their Bitcoin by investing their assets in DeFi.
By collaborating with Babylon, Lombard aims to bridge the gap between Bitcoin’s economic value, security capabilities, and dynamic opportunities within DeFi.
With the new funding from Binance Labs, Lombard plans to expand access to LBTC across new chains and allow users to stake BTC and mint LBTC.
Andy Chang, Chief Investment Officer at Binance Labs, said: “We are excited to support Lombard’s vision to scale LBTC across DeFi. At Binance Labs, we are committed to pioneering early-stage projects like Lombard that have the potential to create meaningful and sustainable impact in the Web3 ecosystem. Lombard’s approach to integrating Bitcoin with DeFi addresses a clear market need, and LBTC’s rapid growth demonstrates user interest in extracting more utility from their Bitcoin holdings.”
“We are incredibly grateful to have Binance Labs on board as we continue to expand the adoption of LBTC as a new foundational primitive,” said Jacob Phillips, Co-Founder and Head of Strategy at Lombard. “Their support has been invaluable in helping us connect with a global audience of Bitcoin holders looking to generate returns or leverage their assets in DeFi. We look forward to accelerating our growth and fulfilling Lombard’s mission to unlock new opportunities for Bitcoin holders in the DeFi space.”
Lombard is the developer and distributor of LBTC, a security-first Bitcoin liquid staking token that allows both individual investors and large institutions to earn yield on their Bitcoin and invest their assets in DeFi.
*This is not investment advice.