Binance Labs invests $10 million in cross-chain DeFi lender, Radiant Capital.

Binance Labs invests $10 million in cross-chain DeFi lender, Radiant Capital.

The Blockchain Industry: Binance Labs Invests $10 Million in Radiant Capital

Source: Pixabay / Binance

Crypto exchange Binance’s venture capital arm, Binance Labs, has recently made a significant investment of $10 million in Radiant Capital. Radiant Capital is a marketplace that focuses on providing liquidity and borrowing cross-chain assets within the blockchain industry.

This strategic funding round aims to support Radiant Capital in building new technologies and expanding its product development. The company plans to enhance its support for oracle services, collateral expansion, Ethereum mainnet deployment, cross-chain liquidations, and more. By doing so, Radiant Capital strives to simplify the lending and borrowing of money across various blockchains, addressing the liquidity problem in the decentralized finance (DeFi) space.

George Macallan, the founder of Radiant Capital, expressed his excitement about the investment, stating that it would play a crucial role in propelling the protocol to new heights. He believes that Binance Labs’ extensive expertise, resources, and strategic support will be invaluable in achieving Radiant Capital’s goals.

Binance Labs’ decision to invest in Radiant Capital aligns with its commitment to supporting innovative projects within the blockchain ecosystem. The company aims to foster the next era of DeFi in a chain-agnostic and user-centric manner. By investing in Radiant Capital, Binance Labs recognizes the potential of the platform in onboarding the next generation of DeFi users into the Web3 ecosystem.

Radiant Capital is optimistic that these developments will attract the next 100 million users to benefit from decentralized finance. The partnership with Binance Labs provides Radiant Capital with the necessary support to fulfill its mission of providing a seamless, secure, and easy-to-use omnichain lending experience. This is a critical step toward achieving the DAO’s ultimate goal of onboarding the next generation of DeFi into the Web3 ecosystem.

Radiant’s Native Token RDNT Reacts Positively

Following the announcement of the collaboration with Binance Labs, the native token of Radiant Capital, RDNT, experienced a 10% price increase, reaching nearly $0.32. RDNT serves as a utility token within the Radiant ecosystem.

It is worth noting that the price movement occurred with volume below its average level. However, the token’s market cap has risen, currently sitting at $89,323,715. Considering the recent changes in market cap and volume relative to the price movement, the token presents a low-risk assessment.

In March 2023, RDNT reached its all-time high price of $0.49, exhibiting remarkable growth of almost 1.6 times in just one month.

Overall, Binance Labs’ investment in Radiant Capital signifies the growing interest and support for innovative projects within the blockchain industry. This collaboration not only benefits Radiant Capital but also contributes to the advancement of decentralized finance and the onboarding of new users into the Web3 ecosystem. The positive market reaction to Radiant’s native token, RDNT, further highlights the potential value and growth opportunities within the blockchain industry.