Binance Labs continues to spend on Pendle Finance, which it listed as its 35th launchpool project last month. The leading exchange confirmed today that it will provide financing to the DeFi project. The altcoin price jumped in double-digits within minutes of the announcement.
Binance Labs announces last minute investment
Binance Labs, the investment arm of Binance, recently confirmed that it will provide financing for Pendle Finance. According to the official announcement, the fund will be used for both individual and institutional investors to easily access DeFi return opportunities.
Pendle Finance is a yield derivatives protocol that allows users to execute advanced yield strategies and brings the TradFi interest derivatives market to DeFi. It gained over 20% at one point after the announcement.
We're excited to announce that we'v invested in @pendle_fi!
Pendle Finance is a yield derivative protocol that enables users to execute advanced yield strategies, bringing the TradFi interest derivative market to DeFi.https://t.co/CDDXCWRCbQ
— Binance Labs Fund (@BinanceLabs) August 23, 2023
Pendle Finance price takes flight on Binance news
Ranked #346 by market cap, PENDLE is currently up over 8%. It gained over 20% at one point after the announcement. The medium correction ended with the price returning to the $0.572123 region. The altcoin is currently trading in the $0.57 region, where it retains some of its gains.
cryptocoin.comAs you follow, Binance also introduced a new banking alternative in another announcement today.
