Key Points:
- Binance Labs has invested in Lombard Finance, increasing the total funding for the Bitcoin liquid staking project LBTC to $17 million.
- The Lombard Finance funding will enable the platform to expand access to LBTC across new blockchain networks and enhance its workforce.
Binance Labs has announced a strategic investment deal in Lombard Finance, developer of LBTC, a Bitcoin liquid staking token designed to enable holders to earn returns with their Bitcoin in the decentralized finance space.
Read more: Binance Labs Invests In Sophon ‘Elastic Chain’ In Token Round
Binance Labs Backs Lombard Finance in Bitcoin DeFi Expansion
Lombard Finance funding adds to its current financing total of $17 million. The funding is looking to add scale to the project’s presence on several blockchain networks in order to build more cohesion between Bitcoin and DeFi.
Lombard Finance is a leading platform for liquid staking Bitcoin, with more than $640 million in total value locked. Its flagship product is the so-called Lombard Staked BTC, launched in August to keep the value of the original Bitcoin while simultaneously participating in various DeFi activities: lending, borrowing, yield farming, and trading. Built atop it, LBTC has taken off and swiped 40% of the Bitcoin liquid staking token market quickly.
The LBTC token is a form of staked Bitcoin on the Babylon platform with a main commitment focus on privacy-first. In this model, users get to contribute to network security while still benefitting from yield generation through participation in DeFi.
Lombard Finance Funding Blockchain Integration Plans
Lombard is working to close the gap in security that Bitcoin has maintained thus far against the dynamic opportunities within the DeFi ecosystem by forming alliances with leading protocols like Pendle, Maple Finance, Morpho, and ZeroLend.
The Lombard Finance funding would see the project expand access to LBTC through more blockchain platforms, thereby making it easier for users to stake their BTC and mint LBTC.
The investment by Binance Labs further underlines its commitment to fostering innovation across multi-ecosystems, especially Ethereum, Solana, and Berachain, when it comes to staking and restaking.
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Source: https://coincu.com/287545-lombard-finance-funding-gets-1m-boost