The venture capital arm of crypto exchange Binance Labs recently made an investment of $10 million in a digital marketplace Radiant Capital, known for providing liquidity and enabling cross-chain assets borrowing. This strategic funding aims to facilitate the development of new products and technologies to expand Oracle support, collateral expansion, Ethereum mainnet deployment, and cross-chain liquidations, among other aspects.
Radiant’s focus is on resolving the liquidity bottleneck in the DeFi (Decentralized Finance) ecosystem by making it easier for consumers to lend and borrow across various blockchains. In aiming to extend its operation to multiple EVM chains and offering full LayerZero messaging support, Radiant forms a crucial push toward DeFi evolution.
The investment in Radiant is reflective of Binance Lab’s commitment to back innovative projects poised to lead the future wave of DeFi development in a chain-agnostic and user-focused manner. George Macallan, founder of Radiant Capital, underlined that this collaboration will greatly benefit from Binance’s resources, strategic support, and extensive expertise. It is essential to Radiant Capital’s mission of initiating a new DeFi era characterized by secure, seamless, and easy-to-use omnichain lending experiences.
With these attributes, Radiant envisions its platform playing a pivotal role in onboarding the next 100 million users into the decentralized finance world. In the wake of partnership announcement with Binance Labs, the value of Radiant’s native token RDNT surged by 10%, nearing $0.32. RDNT serves as a utility token within the Radiant Ecosystem and has seen a significant market cap increase.
Interesting to note is that RDNT’s market cap is at a healthy $89,323,715 at the time of the announced collaboration, reflecting a price movement proportional to the recent changes in market cap and volume, which suggests that the token can be regarded as a low risk assessment. To put this into perspective, RDNT’s all-time high was registered at $0.49 in March 2023, marking an impressive growth of approximately 1.6 times within a single month.
Source: Cryptonews
