Binance Labs Invested $10 Million in Radiant Capital

Binance Labs, the venture arm of the exchange, invested $10 million in the Radiant Capital lending protocol.

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“This round of strategic financing underscores Binance Labs’ commitment to supporting innovative projects that will lead to the next era of DeFi,” the statement said.

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Radiant Capital representatives said the investment will support further development of the product, including expanding oracle support and deployment on the Ethereum mainnet.

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Radiant Capital is a decentralized omnichannel money-market protocol. Users can stake collateral on one of the main networks and borrow on another. RDNT, as the native utility token, is used for liquidity mining and governance.

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The token reacted to the news with a rally. Over the past 24 hours, RDNT rose 9.1%, according to CoinGecko. At one point the price traded above $0.32, but later corrected to around $0.30.

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According to Defi Llama, the value of assets locked in Radiant Capital stands at $262.5 million.

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In March RDNT rose by 25% after the listing announcement on Binance.

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In July, the exchange’s venture arm invested $4 million in the data-analytics network developer, the Web3Go startup.

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Earlier, Binance Labs announced investments in five “most effective projects” from the MVB V incubation program.