Binance invests in liquid staking
The new liquid-staking protocol MilkyWay closed a funding round led by Binance Labs And Polychain Capital, to expand a project which already boasts a base of 150,000 users on the Celestia network. Launched in December 2023, MilkyWay is also the first crypto protocol of its kind in Celestia’s modular ecosystem, with already around ten integrated dApps.
Binance Labs therefore participated in the collection of 5 million dollarsto promote the development of the entire ecosystem and betting on the future of the project.
“The new capital will be critical to our innovation efforts,” MilkyWay said in a statement. “And for collaborations that can strengthen ‘modular security’, where milkTIA will be used to protect both L1 and rollups built on top of it.”
The funds will be used to cover operating expenses, expand its team, but also launch a new governance token, MILKwhich could land on the market by the end of 2024.
The exchange bet
Binance’s interest is not exclusively in the MilkyWay project, but in the Celestia ecosystem in general. This is confirmed by the co-founder of Cex himself Yi Hewho declared how the exchange wants to commit to encouraging the enrichment of this crypto world.
“Binance Labs’ investment supports an innovative project that promotes use cases within the ecosystem of Celestia to enrich him,” He underlined. “We look forward to MilkyWay’s growth and development in the space of data availability in a modular space.”
Among the other participants in the financing round, too HackVC, Longhash Ventures And Crypto.com Capital. Without counting Mustafa Al-BassamCEO of Celestia, personally, and George Lambeth, among the first investors in the ecosystem.
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