Binance Labs, the venture capital and incubation arm of Binance worth $10 billion, has made its inaugural investment in the Berachain ecosystem. This move comes as Binance Labs continues to expand its investments in various cryptocurrency projects across different sectors.
According to The Block, Binance Labs has invested in Infrared Finance, a liquid staking protocol on the Berachain network. The specific amount of investment has not been disclosed, but it was made during a funding round.
Raito Bear, the co-founder and CEO of Infrared Finance, revealed that this funding round was a private token round. It is worth noting that this investment is Binance Labs’ first foray into the Berachain ecosystem.
Yi He, the Co-Founder of Binance and Head of Binance Labs, expressed excitement about the investment, stating that Binance Labs is always on the lookout for projects that will drive growth in the blockchain industry. He added that they are looking forward to supporting Infrared Finance in their mission to build infrastructure that will contribute to the future growth of decentralized finance.
Raito, the Founder of Infrared Finance, expressed his gratitude for the support from Binance Labs, describing it as validation of their vision. He also mentioned that with Binance Labs’ investment, they are more confident than ever in their ability to create the necessary infrastructure and tools to support the future growth of Berachain.
Infrared Finance is a protocol on the Berachain network that creates liquid staking tokens, namely iBGT and iBERA, for two crucial tokens on Berachain: BGT (governance token) and BERA (gas token), respectively. Raito Bear clarified that the Berachain governance token, BGT, is a non-transferable and illiquid token.
In addition, Raito Bear announced that Infrared Finance plans to launch its own token, IRED, in the near future.
Overall, Binance Labs’ investment in Infrared Finance signifies its commitment to supporting innovative projects within the cryptocurrency space. This investment will undoubtedly contribute to the growth and development of the Berachain ecosystem.