Binance Labs Invests in BounceBit for Enhanced Bitcoin Utility

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

BounceBit integrates features from centralized finance (CeFi) and decentralized finance (DeFi) to enhance Bitcoin’s utility, as stated by Yi He, co-founder of Binance and head of Binance Labs. The protocol aims to expand Bitcoin’s role from a store of value to a yield-generating asset by offering more capital efficiency through a proof-of-stake (PoS) layer-1 ecosystem.

Jack Lu, founder and CEO of Bouncebit, emphasized their mission to build secure and transparent restaking infrastructure for Bitcoin, supported by Binance Labs. With over 110,000 users and $782 million in total value locked (TVL), BounceBit reflects the rising trend of Bitcoin DeFi (BTCFi) protocols ahead of the Bitcoin halving on April 19, evidenced by decentralized exchange (DEX) MerlinSwap’s record-breaking initial DEX offering (IDO) raising 6,599 BTC from 52,000 investors.

Clever Robot News Desk 16^th April 2024