Binance Invests in New Bitcoin Project: A Strategic Move in Crypto Market (BTC)

  • Binance Labs, the investment arm of the world’s largest crypto exchange Binance, has invested in Zest Protocol.
  • Zest Protocol has raised $3.5 million in seed investment from several investors, including Binance Labs and Draper Associates.
  • Zest Protocol enables users to lend and borrow in Bitcoin, using updates from Stacks’ Nakamoto and sBTC.

Binance Labs invests in Zest Protocol, a platform that allows users to lend and borrow in Bitcoin. The investment is part of a $3.5 million seed round that also includes Draper Associates.

Binance Labs Invests in Zest Protocol

Binance Labs, the investment arm of the world’s largest crypto exchange Binance, has made an investment in Zest Protocol. The exact amount of the investment was not disclosed. Zest Protocol is a platform that allows users to lend and borrow in Bitcoin, using updates from Stacks’ Nakamoto and sBTC.

Zest Protocol Raises $3.5 Million in Seed Investment

According to an announcement by Zest Protocol, the project has raised $3.5 million in seed investment. The round included several investors, including Binance Labs, Draper Associates, Flow Traders, Trust Machines, Asymetric, and others. The funds will be used to further develop the platform and expand its user base.

How Zest Protocol Works

Zest Protocol allows users to lend and borrow in Bitcoin. It uses updates from Stacks’ Nakamoto and sBTC for this purpose. Users of Zest Protocol can earn returns as liquidity providers by depositing their Bitcoins into the protocol.

Binance’s Founder on the Investment

Yi He, the founder of Binance, said, “At Binance Labs, we are constantly looking for pioneers shaping this industry and we are eager to see how the Nakamoto update of Stacks will advance the growth of Zest Protocol.”

Conclusion

The investment by Binance Labs in Zest Protocol highlights the growing interest in platforms that allow users to lend and borrow in Bitcoin. With the raised funds, Zest Protocol plans to further develop its platform and expand its user base. The involvement of Binance Labs and other notable investors indicates a positive outlook for the project.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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