Binance is betting big on the potential of Bitcoin DeFi
As the Halving expected on April 20 approaches, Binance Labs, the investment arm of the world's largest cryptocurrency exchange, is banking on the potential of Bitcoin DeFi (BTCFi) by investing in BounceBit, an innovative protocol combining centralized and decentralized finance
Binance Labs Supports Innovation in Bitcoin DeFi
On April 11, Yi He, co-founder and director of Binance Labs, revealed his venture arm's investment in BounceBit. According to Yi He, âBounceBit opens new avenues for the use of Bitcoin through the merger of CeFi and DeFiÂ
BounceBit is opening new avenues for the use of Bitcoin with the merger of CeFi and DeFi. At Binance Labs, we are always looking for innovators who are shaping the industry, and we look forward to following their growth as they fulfill their mission to empower Bitcoin through secure and transparent CeDeFi solutions.â
This investment comes amid growing interest in BTCFi protocols, a new wave of technology aimed at bringing native DeFi capabilities to Bitcoin. Thus, BounceBit, which already has more than 110,000 users and $782 million in by run-up to the Halving scheduled for April 19. Nash Lee, co-founder of MerlinSwap, sees this as âa significant move toward recognizing Bitcoinâs untapped potential in the DeFi space .â
Questioned by our colleagues at Cointelegraph, he declared : â This success symbolizes the eagerness of the community to engage and advance the DeFi revolution on the Bitcoin platform.
