Binance Labs invests in BounceBit to advance Bitcoin utilization

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Binance Labs invests in BounceBit to transform Bitcoin’s role with innovative solutions.

Binance Labs, the investment and nurturing wing of Binance, has put money into BounceBit, a Bitcoin earning and cDeFi (centralized decentralized finance) platform.

“BounceBit unlocks new avenues for Bitcoin’s utilization with the fusion of cefi and defi.”

Yi He, Co-Founder of Binance and Head of Binance Labs

Additionally, Binance Labs underscored its dedication to backing pioneers who are revolutionizing the sector through safe and open blockchain technologies.

With BounceBit, Bitcoin evolves from being just a passive investment to an active player in the Bitcoin network. Through facilitating network validation tasks and yield-generating activities without affecting Bitcoin’s blockchain, BounceBit introduces a groundbreaking method for enhancing the capabilities of digital assets.

We’ve put money into BounceBit!

— Binance Labs Fund (@BinanceLabs) April 11, 2024

A experienced team, with backgrounds in both decentralized and traditional finance as well as layer 1 blockchain technology, heads up the protocol at BounceBit. Their top priorities are ensuring security and transparency. To accomplish this, they utilize regulated custody and Multi-Party Computation (MPC), as well as innovative approaches such as Ceffu’s Mirror X and off-exchange settlement, to minimize counterparty risks.

“Our goal is to construct a reliable staking system for Bitcoin usage, ensuring security and transparency. Our initial steps include the implementation of cDeFi and creating a strong staking community.”

Jack Lu, BounceBit Founder and CEO

Using Binance Labs’ support, BounceBit intends to discover new ways to boost earnings and expand Bitcoin (BTC)’s uses. They plan to achieve this by building a reliable and streamlined proof-of-stake (PoS) blockchain system as their foundation.

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2024-04-11 19:23