After FTX’s bankruptcy cryptocurrency The world’s largest cryptocurrency exchange that launched a bailout fund Binancecontinues its investments in the crypto sector.
In this context, Binance venture capital arm, Binance Labs, BNB Based on trust in the chain ecosystem DeFi announced that they have made a strategic investment in Ambit Finance to accelerate its development.
“Binance Labs has made a strategic investment to commit up to $4.5 million to Ambit Finance, a DApp that uses newly structured financial products to increase the utility of BUSD and other premium cryptocurrencies.
Representing a new type of DeFi applications, Ambit will increase the utility of BUSD and other assets in the BNB Chain ecosystem. The project is supported by an experienced team from diverse backgrounds, including former Anchor Protocol leadership.”
Binance Labs also Ambit Financedesigned to provide sustainable returns in all market conditions, BUSD a based stablecoin by creating BNB He also stated that the chain will provide new use cases for its users.
Yi He, Binance Co-Founder and President of Binance Labs said in the statement:
“Binance Labs is always trying to nurture and invest in promising DeFi projects.
We consider this strategic investment an opportunity to introduce an advanced lending protocol to the BNB Chain community.
We hope Ambit Finance can drive the mass adoption of DeFi and that users on BNB Chain can enjoy multiple tailored approaches to advanced lending and risk control.”
welcome @ambitfinance to the Binance Labs family! We continue to accelerate development of trustless Defi in BNB Chain ecosystem and SECURITY is always at at core for all Defi protocols. 🔝https://t.co/vmAv5LrvaC
— Binance Labs Fund (@BinanceLabs) December 2, 2022
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