October 16, 2024
Binance Labs, the venture capital and incubation division of Binance, has invested in Lombard Finance, a platform for Bitcoin liquid staking. Discussions between Lombard and Binance Labs started a few months ago, according to Jacob Phillips, Lombard’s co-founder and head of strategy. Phillips mentioned that the investment structure was typical but did not disclose specific details or the startup’s valuation. He noted that Lombard’s total funding has reached around $17 million, up from $16 million four months ago, suggesting a $1 million investment from Binance Labs.
Project | Latest Raise | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|---|
Lombard Finance | $1M | October 16, 2024 | Strategic | Binance Labs | Bitcoin |
With this new funding, Lombard aims to extend LBTC access to additional blockchains, enabling users to stake BTC and mint LBTC. The first blockchain for this expansion will be BNB Chain, allowing Binance bitcoin (BTCB) holders to receive LBTC. Phillips explained that BTCB, a Bitcoin derivative without yield, will benefit from Babylon staking yields when converted to LBTC.
About Lombard Finance
Lombard Finance is a platform that connects Bitcoin to decentralized finance (DeFi) through its liquid staking solution, LBTC. By using LBTC, Bitcoin holders can earn yields, stake, trade, and transfer their assets within the DeFi ecosystem. Lombard aims to transform Bitcoin from a static store of value into a dynamic financial tool, offering users new opportunities to generate returns and participate in the broader DeFi market.
Website: https://www.lombard.finance/
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About Investor
Investor: Binance Labs
Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.
Location: Hong Kong, Hong Kong
Website: https://labs.binance.com/
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