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Binance Labs, the investment arm of the world's largest cryptocurrency exchange, has invested $10 million in Radiant Cryptocurrency (RDNT), a decentralized finance (DeFi) altcoin. Radiant is a cross-chain lending and borrowing protocol built on top of Arbitrum's Layer 2 Scalability (ARB) solution. The investment made by Binance Labs will be used to promote the project and drive 100 million new users to the world of DeFi. Radiant plans to expand to multiple Ethereum Virtual Machine (EVM) chains, eliminating the need for multiple transactions to facilitate cross-chain lending, borrowing, bridging, and swapping
The investment will be used for technology and product development to expand oracle support, collateral expansion, Ethereum mainnet deployment, cross-chain dissolution, dual-issue support, abstract refunds, and full LayerZero messaging support. These improvements are expected to facilitate seamless entry of new users into the DeFi domain.
Binance Co-Founder and Binance Labs CEO Yi He said that the investment in Radiant reflects their active search for promising DeFi projects that will push the boundaries of the cryptocurrency industry and drive innovation.
Radiant is ranked as the top lending protocol on Arbitrum in terms of total value locked and the 5th DeFi protocol on BNB Chain, the Binance blockchain. After the news of Binance's investment in Radiant, the cryptocurrency rose 11% to $0.342, but has since fallen to $0.302 at the time of writing.