Binance Labs Invests $10 Million in Helio Protocol to Expand Liquid Staking Platform

Binance’s venture arm allocated $10 million to Helio Protocol to expand the liquid staking platform.

The protocol currently operates on the BNB Chain ecosystem. With the new funding, it will expand to Ethereum, and then to L2 networks Arbitrum and Zksync.

In addition, the funds will be used by the Helio team to increase staff, diversify collateral and develop the project. The developers will also update the roadmap and undertake a rebranding.

“Our mission is to provide the community with access to high-quality LSDfi infrastructure with a high level of security, helping users increase capital efficiency and rewards for assets locked in the network,” said Toru Watanabe, head of the protocol.

According to Binance, the protocol’s total value locked (TVL) is about $300 million, of which $260 million is staked. The project also has a USD-pegged stablecoin, HAY.

In July the protocol merged with Synclub, a provider, and announced the diversification of its stablecoin reserves.

Earlier in July, Binance Labs invested $10 million in the lending protocol Radiant Capital.

Earlier, Binance Labs invested $4 million in the Web3Go startup, focused on intelligent data analytics.

In August the investment platform allocated $2.5 million to the zkPass privacy protocol.