Binance Invested in a New Cryptocurrency Project!

Infrared Finance, the proof-of-liquidity project in the Berachain ecosystem, received investment from Binance.

Binance's $10 billion investment arm, Binance Labs, has invested in another project.

The amount was not disclosed

Infrared Finance's founder, known by the pseudonym Raiota Bear, announced that Binance Labs invested in the project earlier this month. No name other than Binance Labs participated in this investment round.

Infrared thus became the first project that Binance Labs invested in the Berachain ecosystem. Berachain is a blockchain that uses the consensus mechanism called proof-of-liquidity, compatible with the Ethereum Virtual Machine (EVM).

Binance Labs has agreed to receive tokens at a future date in exchange for its investment in Infrared.

Infrared received seed investment worth $2.5 million from a group of investors in recent months. Investors included NGC Ventures, Tribe Capital, Shima Capital, Signum Capital and several others.

What is Infrared and what does it do?

Infrared was founded last year as part of the Berachain Foundation's "Build-A-Bera" program. Berachain has not yet launched its mainnet.

Berachain has received a total investment of $112 million so far. Investors include Brevan Howard, Polychain Capital and Framework Ventures.

Infrared, a liquid staking protocol in the Berachain ecosystem, has two liquid staking tokens, namely iBGT and iBERA. These were designed for tokens called BGT and BERA in the Berachain ecosystem.