Binance Labs has invested an undisclosed amount in StakeStone – a liquidity infrastructure startup that also supports retaking – as it continues to bet big on the staking and retaking sectors.
StakeStone calls itself an “omnichain liquidity distribution network” capable of integrating various revenue sources – including Ethereum staking, real-world asset repossessing, as well as artificial intelligence and decentralized physical infrastructure network assets – StakeStone co-founder Charles K told us. The block.
Singapore-based StakeStone currently supports the resumption of Ethereum on its platform. Users who stake ether with StakeStone will receive STONE, a “yield-bearing ETH” token, which can further be used for additional rewards, Charles said. StakeStone is also exploring opportunities within the Bitcoin recovery ecosystem to introduce “yield-bearing BTC (STONE BTC),” he added.
Charles noted that StakeStone is not just a liquid asset withdrawal protocol, as withdrawal 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 recovery space. This year it invested in the Bitcoin staking protocol Babylon and Ethereum are resuming the Renzo and Puffer Finance protocols. Additionally, earlier this month, Binance Labs invested in another seven 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 spun off from Binance earlier this year. Binance Labs’ employee 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 outside capital when it closed a $500 million fund. However, over the summer it began returning undeployed capital to limited partners.
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