Binance Labs invests in BounceBit to advance Bitcoin utilization

12Apr

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 venture capital and incubation division of Binance, has invested in BounceBit, a Bitcoin restaking and centralized decentralized finance (cedefi) protocol.

“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

He also emphasized Binance Labs’ commitment to supporting innovators reshaping the industry with secure and transparent cedefi solutions.

BounceBit aims to transform Bitcoin from a passive asset into an actively engaged ecosystem component. By enabling Bitcoin’s participation in network validation and yield-generating activities without altering its blockchain, BounceBit introduces a novel approach to digital asset empowerment.

A seasoned team leads the protocol with diverse expertise across decentralized and traditional finance and layer 1 blockchain technology. Prioritizing security and transparency, BounceBit employs regulated custody and Multi-Party Computation (MPC) alongside innovative solutions like Ceffu’s Mirror X and off-exchange settlement to mitigate counterparty risks.

“It is our mission to build restaking infrastructure to drive the utilization of Bitcoin in a secure and transparent manner. Our focus on cedefi and developing a robust restaking ecosystem is just the beginning.”

Jack Lu, BounceBit Founder and CEO

With the backing of Binance Labs, BounceBit is set to explore new possibilities for Bitcoin (BTC). It aims to enhance yield generation and broaden its applications through a secure and efficient proof-of-stake (PoS) layer 1 ecosystem.

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