Binance has announced that its investment arm, Binance Labs, is granting funds worth $10 million to Helio Protocol. The objective is to support the innovation in the direction of enhancing the DeFi experience. For Binance Labs, the investment reflects its dedication to supporting projects that are bringing revolution in the segment. Helio Protocol has teased the work as something that will shape a new era of DeFi.
It follows the acquisition of Synclub by Helio Protocol for the purpose of advancing the potential of multi-chain Staas, that is, staking-as-a-service and LSDfi services.
Helio Protocol and Synclub will now collectively function to combine their offering with the decentralized lending and borrowing of stablecoins on the BNB Chain. Funds secured by Helio Protocol will be utilized by its management to expand the team and diversify collateral across liquid staking providers. The ultimate goal is to ensure that they deliver a platform for LSDfi that is secure, diversified, and robust in nature.
Yi He, a Co-Founder of Binance & the Head of Binance Labs, has acknowledged that Helio Protocol has a lot of potential to work in the LSDfi segment. One can now only assume that it is the same potential that has facilitated the fundraising for Helio Protocol from Binance Labs. It is also the commitment to support innovative projects that have brought the Helio Protocol to the forefront of the funding round.
Yi suggests Binance Labs will continue to support DeFi projects and its founders in their pursuit of excellence and innovation. He has further stated that there is a lot to do in the LSDfi sector, especially since it can drive the overall growth of the decentralized finance sector, also known as DeFi.
Binance Labs is now looking forward to seeing Helio Protocol become a huge project not just on the BNB Chain but on every other blockchain.
Helio Protocol and Synclub are working to release a development roadmap. That is a roadmap that will highlight what they are coming up with in the months to come. It will help the community and investors like Binance Labs to examine the strategy and track its overall progress in the LSDfi sector. Helio Protocol is yet to make the release date public; however, it has expressed confidence that the move will bring a new chapter for them in terms of innovation and growth.
Toru, the Founder & Chief Executive Officer of Helio Protocol, has highlighted that the investment secured from Binance Labs will help them access crucial connections and resources for future growth. Toru has also mentioned that its mission is to provide the community access to an LSDfi infrastructure that is loaded with high security.
Helio Protocol wants to reward users for their on-chain assets and enhance capital efficiency at the same time. Funding from Binance Labs is most likely to help them achieve this endeavor.