AUGUSTASIA BUSINESS OUTLOOK9NEWSROOMBINANCE LABS COMMITS $10 MILLION TO USD BACKED STABLE COINBinance Labs, the company's venture capital and incubation arm, has made a $10 million investment in Helio Protocol, a USD-pegged over-collateralized stablecoin. In a statement last week, they stated that this strategic funding round demonstrates the firm's commitment to supporting innovative projects that will shape the next era of DeFi.Helio Protocol will use the funds to expand its team, diversify its collateral across liquid staking providers, and strengthen support for future multi-chain growth, according to the statement.These initiatives will ensure that Helio Protocol and Synclub provide the LSDfi community with a robust, secure, and diverse platform.To signal this new chapter of growth, the team plans to release a development roadmap for the community and refresh the project's branding."Binance Labs is committed to assisting DeFi projects and founders who drive innovation in the Web3 industry." "We look forward to working with Helio and Synclub and hope to see the project grow as a leading LSDfi protocol on BNB Chain and other blockchains," said Yi He, Binance Co-Founder and Head of Binance Labs.Helio Protocol is a project that combines over-collateralized lending of its native decentralised stablecoin, HAY, with staking-as-a-service (StaaS) and LSDfi infrastructure, with a total value locked (TVL) of approximately $300 million, $260 million of which is parked under staked assets. EXOR NV ACQUIRES 15 PERCENTAGE OF PHILIPS WORTH $2.84 BILLIONPhilips announced earlier this week that Dutch investment firm Exor NV has acquired a 15 Percentage stake in the company for approximately 2.6 billion euros ($2.84 billion). Exor, which intends to be a long-term shareholder, purchased its stake on the open market, according to the companies, who also have a relationship agreement in place."Exor's significant investment demonstrates their belief in Philips' transformation into a healthcare technology company, as well as its growth and value potential," said Philips Chairman Feike Sijbesma in a statement.Exor, with a portfolio worth 33 billion euros, has Italian roots and is the largest shareholder in Ferrari, Stellantis and CNH Industrial, and has recently made healthcare industry investments in Institut Merieux and Lifenet as well as Via Transportation Inc.Philips, once an industrial conglomerate, has shed most of its divisions over the past two decades to become a maker of healthcare technology, including scanners and patient monitoring devices. Its shares have lost more than two-thirds of their value due to a major product recall that began in 2021, though they have regained ground under new CEO Roy Jakobs this year.
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