According to Cointelegraph: Binance Labs, the venture capital wing of Binance, has invested in BounceBit, a trailblazing protocol for Bitcoin restaking and CeDeFi. The firm aims to augment the capabilities of Bitcoin beyond being a simple store of value by encouraging active participation in network validation and various yield-generating activities.

BounceBit's groundbreaking approach strives to enhance Bitcoin utilization significantly without altering the Bitcoin blockchain. By tapping into strategies like funding rate arbitrage, re-staking, and mining through on-chain certificates issuance, BounceBit harmoniously integrates key components of centralized finance (CeFi) and decentralized finance (DeFi). This fusion propels Bitcoin into new application fronts and improved yield generation.

Yi He, the Co-Founder of Binance and Head of Binance Labs, said: "BounceBit unlocks expansive possibilities for Bitcoin's utilization by bridging CeFi and DeFi. We look forward to witnessing their evolution as they strive to empower Bitcoin with safe and transparent CeDeFi solutions".

Prioritizing transparency and security, BounceBit incorporates regulated custody and Multi-Party Computation (MPC). In collaboration with Ceffu’s Mirror X and off-exchange settlement (OES) solutions, BounceBit ensures counterparty risks are minimized, thereby creating a secure environment for Bitcoin to engage in yield-enhancing exercises.

BounceBit's unique Proof of Stake (PoS) Layer 1 ecosystem incentivizes validators to stake BounceBit tokens and BTC, thus creating a dual-token system that reinforces network security and optimizes the value and utility of BTC.

Jack Lu, Founder & CEO of BounceBit, said: "Our mission is to create an infrastructure for restaking that enhances the utility of Bitcoin in a secure and transparent manner. We look forward to Binance Labs supporting us in developing a robust restaking ecosystem and our continued focus on CeDeFi".

According to PANews, Grayscale CEO Michael Sonnenshein has indicated that the outflows from the Grayscale Bitcoin Trust may be reaching a balance. Over the past three months, the total outflows from the fund have exceeded $15 billion. However, the rise in the value of Bitcoin has only slightly reduced Grayscale's assets under management to $23.13 billion.

Despite facing competition from nine other issuers, Grayscale is still striving to maintain its dominant position in the Bitcoin ETF market. Previously, the Grayscale CEO had stated that Bitcoin ETF fees would decrease over time.