Binance Labs Invests in Bitcoin Staking Platform Lombard

Binance Labs has made an investment in Lombard, a Bitcoinliquid staking platform with a focus on security, aiming to strengthen cross-chain DeFi capabilities. Although the exact amount of the investment was not disclosed, the move highlights Binance Labs’ commitment to supporting Lombard’s expansion into a multi-chain staking protocol.

Lombard’s LBTC token has quickly gained traction in the market, now holding 40% of the Bitcoin liquid staking token (LST) market. The company is looking to build on this momentum by integrating its staking protocol across different blockchain networks to further enhance its reach.

In a press release, Binance Labs expressed its enthusiasm for the partnership, seeing it as a strategic step towards scaling LBTC across the DeFi ecosystem. Andy Chang, Binance Labs’ Investment Director, said the project represents a significant opportunity for Bitcoin holders to unlock more utility from their assets. Binance has been focusing on backing projects with long-term potential, moving away from meme coins and short-lived ventures.

Lombard has also been actively pursuing growth through strategic investments and partnerships. Earlier this year, the firm raised $21 million in funding and collaborated with DeFi yield trader Pendle in September. The latest investment from Binance Labs will help Lombard scale its technology, allowing users on multiple blockchains to stake Bitcoin and mint LBTC.

Security remains a top priority for Lombard. The company has implemented multiple audits, a bug bounty program, and round-the-clock threat monitoring to ensure the safety of its users' assets as it expands its platform.

Jacob Phillips, Co-Founder and Head of Strategy at Lombard, expressed gratitude for Binance Labs' support, stating that it will help Lombard reach a broader audience of Bitcoin holders looking to earn yield or leverage their assets in the DeFi space.

With this investment, Binance Labs and Lombard are set to drive further adoption of LBTC and enhance the DeFi ecosystem by making Bitcoin staking more accessible and secure.