Binance' venture-capital arm puts $10M into DeFi lender Radiant

Binance Labs, the venture-capital unit of embattled cryptocurrency exchange Binance, is investing $10M in Radiant Capital, a decentralized finance (DeFi) lending platform, according to a blog post dated Thursday. The proceeds will go toward further technology and product development, which includes collateral expansion and cross-chain liquidations. Radiant supports more than 20 collateral options, with plans to add new options as the Radiant DAO expands its cross-chain functionality to more chains. It essentially serves as a money market that enables users to deposit and borrow certain assets. "Radiant Capital's commitment to facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption,” Yi He, co-founder of Binance and head of Binance Labs, said in a statement . The investment, albeit relatively small, comes despite Binance's heightened legal woes. In June the U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao, accusing the platform of operating illegally in the country. More on Binance: Binance said to lay off 1,00 workers in recent weeks Binance's key execs said to leave crypto exchange