EddieJayonCrypto
26 Nov 24
Binance Labs has invested in Kernel, a restaking infrastructure for the BNB Chain, aiming to enhance security and utility. Kernel will first launch on the BNB Chain, integrating BNB Liquid Staking Tokens and restaked BNB to drive innovation in DeFi. The project plans to expand by incorporating Bitco...
Binance Labs Invests in Kernel to Enhance Security and Utility on the BNB Chain
Binance Labs has invested in Kernel, a restaking infrastructure for the BNB Chain, aiming to enhance security and utility. Kernel will first launch on the BNB Chain, integrating BNB Liquid Staking Tokens and restaked BNB to drive innovation in DeFi. The project plans to expand by incorporating Bitcoin and its derivatives and collaborate with over 20 decentralized applications. Kernel's long-term vision includes scaling its infrastructure to additional layer-1 blockchains. Binance Labs' investment in Kernel aligns with its mission to support meaningful technology for Web3. Additionally, the firm has diversified its portfolio by backing Lombard, a Bitcoin-focused liquid staking platform, and investing in BIO Protocol for decentralized science (DeSci).
"Kernel exemplifies the type of innovative project that aligns with Binance Labs’ mission to bring more users onto Web3 by supporting meaningful technology and advancing the ecosystem," said Alex Odagiu, Investment Director at Binance Labs. This investment follows Binance Labs’ recent backing of Lombard, a Bitcoin-focused liquid staking platform. Lombard’s LBTC token currently captures 40% of the Bitcoin liquid staking token market and aims to expand its secure multi-chain staking protocol. Additionally, Binance Labs has ventured into the decentralized science (DeSci) sector. The firm recently invested in BIO Protocol, marking its first entry into this field. Overall, Binance Labs’ has seemingly adopted a broader strategy to diversify its $10 billion portfolio into impactful sectors.