The cross-chain lending and borrowing protocol, Radient raises $10 million from Binance Labs. According to the official announcement from Binance, this strategic funding emphasizes support for Radiant’s mission to lead the next era of decentralized finance.
Binance Lab’s investment will play a crucial role in the protocol’s growth as it expands to new chains and continues to scale, said Radient.
Built on top of LayerZero, Radiant has developed a cross-chain lending and borrowing platform that allow users to deposit and borrow assets seamlessly across multiple chains. It currently supports over 20 collateral assets from Arbitrum and BNB Chain.
The funds will be used for tech and product development including oracle support, collateral expansion, full LayerZero support, and Ethereum mainnet deployment to expand to numerous EVM chains.
“I am tremendously excited about our partnership with Binance Labs, […] 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,” said George Macallan, the Founder of Radiant Capital.
Radiant has gained significant traction since the launch with the protocol being ranked the number one lending protocol on Arbitrum in terms of Total Value Locked (TVL) and 5th on BNB Chain.
“Binance Labs actively seeks out promising DeFi projects that not only advance the industry but also push the boundaries of innovation,” says Yi He, Head of Binance Labs. “Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption.”