Binance Labs shifts investment focus to Bitcoin DeFi

📆 4/11/2024 1:33 PM
📰 Cointelegraph

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BTCFi protocols are gaining traction ahead of the anticipated Bitcoin halving event on April 19. Can they match Ethereum-native DeFi in the future?

Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, has announced an investment in Bitcoin-native restaking protocol BounceBit.

"BounceBit unlocks new avenues for Bitcoin's utilization with the fusion of CeFi and DeFi. At Binance Labs, we are always seeking innovators shaping the industry, and we look forward to watching their growth as they achieve their mission to empower Bitcoin through secure and transparent CeDeFi solutions.”

BounceBit aims to expand Bitcoin’s use case from being a store of value to a yield-generating asset with more capital efficiency. The Bitcoin-native restaking infrastructure aims to create more utility for Bitcoin, according to Jack Lu, the founder and CEO of Bouncebit:

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