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Binance Labs, Binance’s investment arm, continues to pursue its crypto investment strategies. In its latest move, it announced that it has invested in Puffer, an Ethereum-based liquid staking protocol. This new investment will be used to develop Puffer’s staking protocol and create new AVS (Active Validator Sets).
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With this investment, Puffer plans to integrate its own staking token into BNB Chain. Additionally, Puffer aims to make Ethereum staking processes more democratic and accessible, making transactions more convenient and cost-effective for validators.
In a statement, Binance co-founder and Binance Labs president Yi He touched on the company’s vision.
He said, “At Binance Labs, we aim to support innovative projects in the DeFi space, especially in the early stages. We look forward to close collaborations with DeFi entrepreneurs for their long-term growth.“
This investment from Binance Labs offers new opportunities for BNB Chain users. Users will be able to generate income by locking up Puffer’s stake token, nLRT. The financial size of this investment has not been disclosed by Binance, but this development shows Binance Labs’ commitment to contributing to the DeFi ecosystem.