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Binance invests in Bitcoin liquid staking and THIS crypto!
By Davide Grammatica
Binance Labs announced a $1 million investment in liquid staking on Bitcoin, supporting new DeFi integrations for BTC
A new bet for Binance
As is often the case, Binance ‘s moves toward new crypto realities never go unnoticed. Nor does it happen this time, with the announcement of a new $1 million investment by Binance Labs in a liquid staking project on Bitcoin.
We are talking about Lombard Financand its LBTC token , the engine of the liquid staking protocol on Bitcoin that, already today, has 40 percent of the industry’s market share on the network.
Binance is therefore betting in the new DeFi solutions in the Bitcoin ecosystem, which seem to have all the potential to grow and represent a real alternative to the DeFi world as we have known it to date on Ethereum.
Since launching last August, Lombard Finance has already raised a TVL of $500 million, with over 12,500 users leveraging their LBTCs in various return strategies on platforms such as Pendle and Maple Finance.
Lombard Finance's outlook
Lombard Finance’s goal is to integrate the token with as many Ethereum protocols as possible, looking to expand prospectively to layer-2 networks as well, significantly increasing LBTC’s functionality.
Lombard’s potential for expansion in this regard is enormous, even in the face of more than $1.5 trillion of “idle ” liquidity on Bitcoin that awaits the advent of an infrastructure that allows easy access to staking.
Binance could therefore also help Lombard to close new partnerships, and thus increase its presence in the DeFi world. BTC is increasingly on the road to integration into the classic mechanisms of decentralized finance, and the exchange seems to have noticed this, focusing on Bitcoin adoption in an increasingly interconnected Web3 world.
