Binance 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.