This altcoin, which guarantees a new Binance Labs investment, has risen in double digits within minutes…
Binance Labs invested $10 million in this altcoin project
Binance’s investment arm, Binance Labs, recently heralded a new altcoin investment. Radiant Capital (RDNT), a DeFi lending and borrowing protocol, has secured $10 million from Binance.
We're excited to announce our investment in @RDNTCapital
Radiant aims to bridge fragmented liquidity across DeFi, enabling users to deposit and borrow assets seamlessly across multiple chains. https://t.co/p0sOi7DC9I
— Binance Labs Fund (@BinanceLabs) July 20, 2023
Radiant Capital uses infrastructure from LayerZero Labs, another Binance Labs portfolio company. The loan platform offers its users a multi-chain money market function. The main aim of the project is to solve the problem of fragmented liquidity in the DeFi sector. With its latest Binance Labs investment, it has garnered serious support to achieve its mission.
Radiant Capital (RDNT) price jumps in double digits in minutes
RDNT is the 258th largest cryptocurrency by market cap. As a medium-volume altcoin project, Binance Labs evaluated its investment with over 10% increase. Starting the day with $0.2787, RDNT peaked at $0.32 after the announcement. It currently retains most of its gains. It has yet to encounter a major fix.
How does Radiant Capital differ from other altcoin projects?
The special capabilities provided by the project were behind the Binance Labs investment. Radiant Capital offers investors the opportunity to earn interest on a wide range of products. Platform fees of the protocol are paid in Bitcoin (BTC), Ethereum (ETH), BNB Coin (BNB), and stablecoin. Dynamic Liquidity Providers can stake local yoken RDNT to profit from interest and flash loan fees and have a say within the Radiant DAO.
According to DeFi Llama data, Radiant’s TVL currently stands at $265 million. The platform supports more than 20 collateral options. Additionally, Radiant DAO plans to add new options in the future as it expands functionality to additional networks.
Binance co-founder supported
Yi He, Binance co-founder and chairman of Binance Labs, said in a press release:
Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi and its performance on Arbitrum and BNB Chain demonstrate its potential to increase mass adoption.
Which altcoin projects are next?
Binance Labs has triggered a rally of a number of altcoins with its investments since last year. cryptocoin.com DappOS and Kryptoskatt were among the last 5 investments that we mentioned. In this article, we have included other high-expectation projects that Binance has invested in. Investment news aside, the leading exchange is currently busy with a critical SEC lawsuit.
