Binance Labs announced that it has invested $4.5 million in Ambit Finance to increase DeFi power for BNB Chain.
Binance Labs, the business development arm of the crypto exchange Binance, continues its ecosystem studies at full speed. BNB Chain, one of the most actively used networks in the crypto industry, has begun to reach a wider range. Especially after the bankruptcy of FTX, crypto exchanges started to take more solid steps. Binance CEO Changpeng Zhao (CZ) stated that they have moved to a transparent structure and focused on ecosystem development. CZ accelerated its work with the slogan of building. Finally, Binance Labs has made a move for Ambit Finance.
Binance Labs Focuses on Ambit Finance
Binance Labs has made a strategic investment in Ambit Finance to create a trust-based DeFi environment in the BNB Chain ecosystem.
According to the statement made by Binance Labs, Ambit Finance, which represents an innovative DeFi applications, will benefit the BNB Chain ecosystem and BUSD. Ambit was created by an experienced team that includes former Anchor Protocol executives.
Binance Labs and Ambit will collaborate to launch future DeFi applications focused on innovation, security and risk control.
“Binance Labs is always trying to nurture and invest in promising DeFi projects,” said Yi He, President of Binance Labs. We believe there are solutions and teams to develop products that can contribute to building a reliable DeFi industry even in a turbulent market.” said.
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