Binance Labs has recently invested in Lombard, a platform specializing in Bitcoin liquid staking, with a strong emphasis on security and enhancing cross-chain DeFi capabilities. While the specific investment amount remains undisclosed, this partnership underscores Binance Labs’ dedication to helping Lombard grow into a multi-chain staking protocol.
Lombard’s LBTC token has rapidly gained popularity, capturing 40% of the Bitcoin liquid staking token market. The company aims to build on this success by expanding its staking protocol across various blockchain networks, thereby increasing its accessibility.
In a press release, Binance Labs expressed excitement about this collaboration, viewing it as a strategic move to scale LBTC within the DeFi ecosystem. Andy Chang, the Investment Director at Binance Labs, highlighted that this initiative presents a valuable opportunity for Bitcoin holders to enhance the utility of their assets. Binance is shifting its focus towards supporting projects with long-term viability, distancing itself from fleeting trends like meme coins.
Lombard is also actively seeking growth through strategic investments and partnerships. Earlier this year, the company secured $21 million in funding and teamed up with DeFi yield trader Pendle in September. The backing from Binance Labs will enable Lombard to enhance its technology, allowing users across multiple blockchains to stake Bitcoin and mint LBTC.
Security is a paramount concern for Lombard, which has instituted rigorous audits, a bug bounty program, and continuous threat monitoring to safeguard its users’ assets as it expands its offerings.
