PANews reported on October 16 that Binance Labs has invested about $1 million in Lombard, a Bitcoin liquidity staking platform. Lombard is currently the largest Bitcoin liquidity staking platform with a total locked value (TVL) of more than $640 million. Lombard has developed the LBTC token, which represents Bitcoin staked on the Babylon platform. Users can use the platform to maintain the value of the original asset and earn income while participating in DeFi.

Lombard’s LBTC has been used for collateralized lending, yield farming, and trading in a variety of DeFi protocols. Binance Labs’ investment will further promote the application and growth of Bitcoin in the DeFi field.