Helio Protocol raises $10m from Binance Labs to expand liquid staking platform
The investment from Binance Labs will support the protocol's multi-chain growth and team expansion.
≈ £7.9M at $1 = £0.7883 on 14 Aug 2023
Helio Protocol is a blockchain startup offering destablecoins designed to improve decentralisation and capital efficiency.
Helio Protocol has raised $10m in a funding round from Binance Labs to support its pivot towards becoming a liquid staking platform. The capital will be deployed to expand the protocol's team, diversify collateral across liquid staking providers, and back multi-chain expansion.
Built on the BNB Chain, Helio focuses on addressing historical stability concerns within the crypto market through its destablecoin concept. The latest injection follows a previous $500m fundraise by its backer Binance Labs in 2022, which drew participation from institutional investors including DST Global Partners and Breyer Capital.
Investor perspective
"Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of the Web3 industry. We have seen tremendous potential in the LSDfi sector, which plays a crucial role in driving the overall growth of the DeFi ecosystem. We look forward to working with Helio and Synclub, and hope to see the project grow as a leading LSDfi protocol on BNB Chain and other blockchains."
Yi He
Co-Founder of Binance and Head of Binance Labs, Binance Labs
Use of funds
- 01Grow the team
- 02Expand into international markets
Investors
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About the company
Helio Protocol
Helio Protocol develops decentralised alternative stablecoins and liquid staking solutions.