Binance Labs announces investment in Bitcoin liquid staking platform Lombard

ChainCatcher news, Binance Labs announced an investment in the Bitcoin liquid staking platform Lombard. Jacob Phillips, co-founder and strategic director of Lombard, declined to disclose the valuation in the latest funding round but noted that the startup's total funding is currently around $17 million, up from $16 million in the seed round four months ago, indicating that Binance Labs' investment is approximately $1 million.

According to RootData, Lombard was founded in April 2024 and is dedicated to unlocking the potential of Bitcoin as a dynamic financial tool by connecting Bitcoin with DeFi. Lombard enables yield-generating BTC to move across chains without fragmenting liquidity, paving the way to become the largest catalyst for bringing net new capital into DeFi. Its flagship product, LBTC, is a yield-bearing, cross-chain, highly liquid Bitcoin backed 1:1 by BTC.