EddieJayonCrypto
17 Oct 24
Binance Labs has made an undisclosed investment in Lombard, a platform for Bitcoin liquid staking tokens (LST). Lombard aims to expand its staking protocol to multiple blockchains and has already attracted significant investments and partnerships. The partnership aligns with Binance's long-term goal...
Binance Labs Invests in Lombard, Enhancing Security-Focused Liquid Staking Token Platform for Bitcoin Binance Labs has made an undisclosed investment in Lombard, a platform for Bitcoin liquid staking tokens (LST). Lombard aims to expand its staking protocol to multiple blockchains and has already attracted significant investments and partnerships. The partnership aligns with Binance's long-term goals, focusing on fundamental projects and scaling LBTC across the DeFi ecosystem. Lombard plans to use the investment to allow users on different blockchains to stake BTC and mint LBTC, focusing on security and global adoption. Binance Labs has invested in Lombard, distributor of LBTC, a security-focused liquid staking token (LST) for Bitcoin. Lombard already holds 40% of the Bitcoin LST market and wishes to integrate it cross-chain with the broader DeFi ecosystem. "We are excited to support Lombard’s vision of scaling LBTC across DeFi. We are committed to championing projects like Lombard that have the potential for meaningful impact on the Web3 ecosystem. LBTC’s fast growth demonstrates user interest to unlock more utility from their Bitcoin holdings," said Andy Chang, Investment Director at Binance Labs. This partnership aligns with several goals Binance and Binance Labs have been pursuing this year, emphasizing fundamental projects over short-term prospects. Lombard, for its part, has garnered significant investments this year, raising $21 million in fundraising in July and partnering with DeFi yield trader Pendle in September. Ultimately, Lombard plans to use the investment from Binance to enable users on different blockchains to stake BTC and mint LBTC, focusing on security through multiple audits, an active bug bounty program, and 24/7 threat monitoring. "We’re incredibly grateful to have Binance Labs on board as we continue to expand the adoption of LBTC as a new core primitive. Their support is invaluable in helping us connect with a global audience of Bitcoin holders eager to earn yield or leverage their assets in DeFi," said Jacob Phillips, Co-Founder and Head of Strategy at Lombard. This strategic partnership reflects the ongoing evolution of the cryptocurrency market, with Binance Labs and Lombard paving the way for secure and scalable investment opportunities in the DeFi ecosystem.