Binance Labs, the investment and incubation branch of Binance, has made a significant investment in Lombard Finance, a firm specializing in LBTC, a Bitcoin liquid staking token that emphasizes security.
This token is designed to help individual and institutional investors earn returns on their
Bitcoin
by utilizing decentralized finance (DeFi).
In partnership with Babylon, Lombard aims to enhance Bitcoin’s economic value and security while unlocking new DeFi opportunities. With the fresh capital from Binance Labs, Lombard intends to broaden access to LBTC on additional blockchain networks and enable users to stake Bitcoin and mint LBTC.
Andy Chang, the Chief Investment Officer at Binance Labs, expressed enthusiasm for Lombard’s vision, noting that they are committed to supporting innovative early-stage projects that can make a lasting impact in the Web3 space. He highlighted the growing interest in LBTC as evidence of market demand for enhanced utility from Bitcoin investments.
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Jacob Phillips, Co-Founder and Head of Strategy at Lombard, expressed gratitude for Binance Labs’ support, emphasizing its crucial role in reaching Bitcoin holders eager to leverage their assets in DeFi. He looks forward to accelerating the adoption of LBTC as a foundational element in the DeFi landscape.
We’ve invested in
@Lombard_Finance
Lombard is the developer and distributor of LBTC, a security-first Bitcoin liquid staked token that allows both individual holders and large institutions to earn yield on their Bitcoin while leveraging their assets in DeFi.
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— Binance Labs Fund (@BinanceLabs)
October 16, 2024
