Binance Labs, the venture capital and innovation arm of digital asset trading platform Binance, announced on Tuesday that it has made an investment in pSTAKE Finance, a liquid staking protocol developed by Persistence.
According to the press release, Binance Labs seeks to bring more liquid staking into the BNB ecosystem, as assets such as BNB can be staked on pSTAKE to mint liquid staked representative tokens, dubbed ‘stkASSETs’. pSTAKE Finance, which launched in August 2021, has staked around $60M worth of assets and has become the most prominent liquid staking solution in the Cosmos ecosystem.
In addition, the project is funded by Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Sino Global, Kraken Ventures, Tendermint Ventures, Lattice Capital and Do Kwon (Terra), which joined in 2021.
As of today, pSTAKE supports the staking of $ATOM and $XPRT, as well as leading DeFi protocols, such as Anchor Protocol and Sushi. Additionally, it has launched ETH2.0 liquid staking testnet, and will support blockchains such as Solana, Avalanche and BNB Chain in the near future.
“Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pStake and look forward to partnering closely,” Ken Li, the Executive Director at Binance Labs, commented.
Tushar Aggarwal, the Founder of Persistence, added: “At pSTAKE, we are developing a solution that allows users to seamlessly stake their assets to help secure the underlying networks and abstract the complexities of staking while providing an opportunity to leverage their staked assets within the broader DeFi ecosystem to generate yields on top of staking rewards. We believe liquid staking will become the base layer for DeFi on PoS networks and will play a vital role in bringing more exciting use cases to DeFi.”
Community Gaming Investment
Recently, Community Gaming raised $16 million in its Series A round of investment, in which Binance Labs participated in.
Through its SB Opportunity Fund, SoftBank Group led Community Gaming’s recent investment round. Animoca Brands, BITKRAFT Ventures and Griffin Gaming Partners participated in the $16 million Series A round.
