Binance Labs Pledges $4.5 Million Investment in Ambit Finance

2022-12-2 15:18

Coinspeaker
Binance Labs Pledges $4.5 Million Investment in Ambit Finance

Earlier today, December 2, crypto exchange Binance announced a strategic investment of up to $4.5 million in Ambit Finance. The investment will come through Binance Labs, a venture capital arm of Binance.

The goal behind this investment is to provide a boost to decentralized finance (DeFi) applications on BNB Chain. As a result, Ambit and Binance Labs will work together in launching future DeFi apps while putting up a major focus on innovation, security, and risk control. Besides, they would also collaborate with other projects in the BNB ecosystem.

Ambit Finance will enable new use cases for BNB Chain users while creating a yield-bearing BUSD-based stablecoin. This will help them offer their users sustainable yield throughout all market conditions. As part of its multi-phased roadmap, Ambit will deliver DeFi Superapp while incorporating existing DeFi functionalities such as “collateralized lending and innovative solutions for domains like under-collateralized margin lending and structured products for financial institutions”. Speaking on the development, Co-Founder and CEO of Ambit Finance, Sphere CM, commented:

“The Ambit team has unprecedented experience of scaling mass-adoption protocols. The product will leverage lessons learned over the past year and make security and sustainability its governing principles. We will work closely with BNB Chain to make Ambit a cornerstone of the ecosystem’s on-chain strategy and, paired with Binance’s trusted brand and market strength, to make it a magnet for financial institutions entering the crypto space.”

Enhancing the Utility of BUSD Stablecoin

As part of the investment, both Ambit Finance and Binance Labs will work towards enhancing the utility of Binance’s native stablecoin BUSD. Issued by Paxos, BUSD is regulated by the New York State Department of Financial Services (NYDFS).

The stablecoin offers a transparent product that will “verify, protect, and ensure” the reserves while effectively maintaining the stablecoin’s US dollar peg. In compliance with the NYDFS standards, Paxos provides an audited report every month for BUSD’s reserves. Speaking on this development, Yi He, Co-Founder of Binance and Head of Binance Labs, commented:

“Binance Labs is always into nurturing and making investments in promising DeFi projects. We believe that there are solutions and teams to build products that can contribute to building a trustless DeFi industry even in a turbulent market.”

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Binance Labs Pledges $4.5 Million Investment in Ambit Finance

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