Venture capital firm and accelerator Binance Labs has announced an investment in Quine Co., the core contributor behind the stablecoin infrastructure protocol Perena.
This investment in Perena’s pre-seed round is intended to support the expansion of the project, foster global community growth, and facilitate the development of a comprehensive stablecoin product suite on the Solana blockchain.
“Binance Labs remains committed to providing evergreen support for early-stage projects that are driving the growth of the Web3 ecosystem,” said Max Coniglio, Investment Director at Binance Labs, in a written statement. “We are excited to back Perena at the very early stages of their journey and assist them in their mission to onboard the next wave of stablecoin users on Solana,” he added.
Perena aims to create a more decentralized, efficient, and accessible financial system by integrating DeFi innovation with traditional financial principles. Built on Solana, the platform utilizes advanced financial engineering to merge traditional banking efficiency with decentralized finance. By transforming stableswaps into liquid synthetic dollars, Perena intends to reduce fragmentation in the stablecoin ecosystem and distribute issuance risk more effectively.
The platform allows users to mint stablecoins, gain exposure to tokenized real-world asset (RWA) yields, and access customized risk-reward profiles through a tranched collateralized debt position (CDP) system. This foundational layer of on-chain money is designed to enhance capital efficiency and support the development of the next generation of DeFi and PayFi applications.
The platform has recently launched Numéraire, the first weighted multi-token extensible stableswap, which eliminates the need for active concentrated liquidity market maker (CLMM) management, thus lowering the capital requirements for new stablecoin projects.
What Does Binance Labs Do?
Binance Labs is a prominent venture capital firm and incubator focused on empowering early-stage projects and fostering the growth of the Web3 ecosystem. Since its inception in 2018, Binance Labs has consistently emphasized long-term support, offering both strategic guidance and funding to projects, regardless of market conditions.
Recently, it has backed Astherus, a multi-asset liquidity hub aimed at maximizing the real yield of crypto assets. With this latest investment, Astherus plans to expedite product development, launch innovative yield-generating solutions, and further improve the user experience.
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