in different sectors cryptocurrency making a name for itself with its investments in projects Binance Labs, the $10 billion venture capital and incubation arm of Binance invested in a new project.
According to the news of The Block Binance Labs has invested in Infrared Finance, a Berachain liquid staking protocol.
According to this, Infrared Finance, Berachain liquid staking protocol raised an undisclosed amount from Binance Labs in a funding round.
Raito Bear, co-founder and CEO of Infrared Finance, told The Block that this round is a private token round.
An Infrared spokesperson said that this investment is Binance Labs’ first investment in the Berachain ecosystem.
Binance Co-Founder and Head of Binance Labs Yi He said: ” At Binance Labs, we are always looking for projects that will grow the blockchain industry, so we look forward to supporting Infrared in its mission to create an infrastructure that will drive the future. “The growth of decentralized finance is our goal.”
Raito, Founder of Infrared Finance, said: “We are incredibly excited to receive support from an industry leader like Binance Labs. This investment validates our vision, and with Binance Labs’ investment, we are more confident than ever in our ability to build the infrastructure and tools necessary to support Berachain’s future growth.”
Stating that Infrared is a Berachain liquid staking protocol that creates liquid staking tokens (iBGT and iBERA) for two important tokens for Berachain, the CEO stated that these tokens are respectively BGT (governance token) and BERA (gas token) He stated that it was.
Bear also said that Berachain governance token BGT is a non-transferable and illiquid token.
Infrared CEO Raito Bear recently announced that Infrared will have its own token in the future. IRED’He also announced that he will launch the .
We’ve invested in @InfraredFinance
Infrared is a protocol focused on giving users access to Proof of Liquidity (PoL) in one click.
Read more👇https://t.co/EUTdM87TUA
— Binance Labs Fund (@BinanceLabs) June 24, 2024
*This is not investment advice.
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