Binance Labs invests in StakeStone as it continues to bet big on sector restocking

Binance Labs has invested an undisclosed sum in StakeStone – a liquidity infrastructure startup that also supports re-staking – as it continues to bet big on the staking and re-staking sectors.

StakeStone bills itself as an “omnichain liquidity distribution network” capable of integrating various sources of yield – including Ethereum staking, re-staking, real-world assets, as well as artificial intelligence and assets of the decentralized physical infrastructure network – said Charles K, co-founder of StakeStone. The block.

Singapore-based StakeStone currently supports Ethereum rebalancing on its platform. Users who stake ether with StakeStone receive STONE, a “yield-bearing ETH” token, which can be further used for additional rewards, Charles said. StakeStone is also exploring opportunities within the Bitcoin replenishment ecosystem to introduce “yield-bearing BTC (STONE BTC),” he added.

Charles noted that StakeStone is not simply a liquid repurposing protocol, as repurposing is one of the platform’s underlying strategies, with plans to support Bitcoin and other assets in the future. .

In recent months, Binance Labs has increased its support for startups in the resttaking space. This year he invested in the Bitcoin staking protocol Babylon and Ethereum recovery protocols Renzo and Puffer Finance. Additionally, earlier this month, Binance Labs invested in seven other startups, including synthetic dollar protocol developer Ethena Labs and zkSync-based decentralized derivatives exchange Derivio.

Binance Labs, the $10 billion venture capital and incubation arm of crypto exchange Binance, quietly split from Binance earlier this year. Binance Labs staff contracts are now separate from those of the crypto exchange’s employees, similar to the structure of the Binance-backed BNB Chain project, with few operational changes.

Last year, Binance Labs accepted its first external capital by closing a $500 million fund. However, over the summer, it began returning undeployed capital to limited partners.

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