A big Bitcoin cryptocurrency coin in the centre and other bitcoin coins from both side in front of Binance crypto market . The pyramid of bitcoin coins on a blue Binance cryptostock exchange background. Los Angeles, US - 18.07.2019.
Binance Labs, the venture capital arm of the leading cryptocurrency exchange, announces an investment in the Bitcoin-native restaking protocol, BounceBit, signaling a strategic pivot towards Bitcoin DeFi.
In an April 11 announcement, Yi He, co-founder of Binance and head of Binance Labs, lauds BounceBit’s blend of centralized finance (CeFi) and decentralized finance (DeFi) elements, envisioning enhanced utility for Bitcoin:
“BounceBit’s integration of CeFi and DeFi marks a significant milestone in unlocking Bitcoin’s potential. At Binance Labs, we’re committed to supporting innovators who are shaping the industry, and we’re excited to witness their progress in empowering Bitcoin through secure and transparent CeDeFi solutions.”
BounceBit represents a new wave of protocols championing Bitcoin DeFi (BTCFi), aiming to broaden Bitcoin’s role from a store of value to a yield-generating asset with improved capital efficiency.
The brand new newsletter with insights, market analysis and daily opportunities.
Let’s grow together!
The protocol’s proof-of-stake (PoS) layer-1 ecosystem incentivizes validators to stake both Bitcoin and BounceBit ecosystem tokens, fostering a dual-token economy.
Jack Lu, founder and CEO of BounceBit, underscores their mission to bolster Bitcoin’s utility in a secure and transparent manner, emphasizing their focus on CeDeFi and the development of a robust restaking ecosystem.
Binance Labs, operating independently from the Binance exchange since March, boasts a diverse portfolio exceeding $10 billion, encompassing over 250 projects across 25 countries, with a remarkable return on investment rate of over 14 times.
With BounceBit currently serving over 110,000 users and locking in over $782 million in total value, Bitcoin-native DeFi protocols are gaining momentum, especially in anticipation of the upcoming Bitcoin halving event on April 19.
The recent success of MerlinSwap, a decentralized exchange (DEX) that raised 6,599 BTC, equivalent to $480 million, during its initial DEX offering (IDO), underscores the burgeoning demand for BTCFi. Nash Lee, co-founder of MerlinSwap, highlights the community’s enthusiasm for driving the DeFi revolution on Bitcoin’s platform, suggesting a potential shift towards recognizing Bitcoin’s untapped potential in the DeFi realm.
BlockFi, the cryptocurrency lending firm, has announced it is shutting down its web platform as…
Jack Dorsey, co-founder of Twitter, has projected that Bitcoin's value will escalate to at least…
Tether, a leading stablecoin issuer, has openly criticized Deutsche Bank following a report by the…
Taiwan is set to revise its Anti-Money Laundering (AML) laws, introducing stricter measures for cryptocurrency…
Binance has publicly refuted allegations suggesting DWF Labs engaged in market manipulation. Recent allegations have…
The European Union's financial regulatory body, the European Securities and Markets Authority (ESMA), is actively…