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Binance Labs invests in pStake

13-05-2022 01:00 pm

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Binance Labs, Binance’s venture capital arm and enterprise incubator, has announced its latest investment strategy in pSTAKE Finance, a liquid staking protocol developed by Persistence, aimed at bringing more liquid staking to the BNB ecosystem. Proof-of-Stake (PoS) assets such as BNB can be wagered on pSTAKE to create staked representative tokens (stkASSETs) that can be used on DeFi protocols to receive rewards and other profits.

Binance Labs invests in pStake
Ken Li, CEO of Binance Labs, said, “Binance Labs is extremely excited to support pSTAKE Finance as they launch BNB liquid staking and bring DeFi improvements to the BNB Chain ecosystem. We are excited by the quality of the pSTAKE project and look forward to deepening cooperation.” Tushar Aggarwal, founder of Persistence, said: “At pSTAKE, we are developing a solution that allows users to bet on their assets to help secure the network and overcome the complexity of betting. At the same time, this provides the opportunity to leverage their wagering assets in the wider DeFi ecosystem to generate profits in addition to wagering rewards. We believe liquid staking will become the foundation for DeFi on the PoS network and will play an important role in bringing more practical applications to DeFi.Binance Labs invests in pStake Binance Labs invests in pStake

Launched in August 2021, pSTAKE Finance has a bet assets worth about $60 million through the platform and has become the most prominent liquid staking solution on the Cosmos ecosystem. Recently, pSTAKE supports liquid staking for $ATOM and $XPRT and integrates with leading DeFi protocols such as Anchor Protocol and Sushi. They have also launched eth2.0 liquid staking’s test network, with support for Solana, Avalanche and BNB Chain to be launched in the coming months. Other investors of the project in 2021 include Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Sino Global, Coinbase Ventures, Kraken Ventures, Tendermint Ventures, Lattice Capital, and Do Kwon (Terra). >>> Read more news about Binance: Binance delists LUNA/USDT

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