Binance’s venture capital and incubation arm has invested in Lombard, the crypto project behind the Bitcoin liquid staking token LBTC.
With this investment, Lombard can launch LBTC on new chains. In a release, co-founder and head of strategy at Lombard, Jacob Phillips, stated that the objective is to expand the decentralized finance scene on Bitcoin by providing new options for Bitcoin holders.
Lombard, one of the initiatives aiming to provide Bitcoin owners with the advantages of decentralized finance, introduced its liquid staked token in August.
LBTC power yield methods, institutional borrowing, and lending across Pendle, Maple Finance, and Morpho, respectively, have been observed by the platform’s DeFi on Bitcoin products. Andy Chang, investment director at Binance Labs, said:
 Lombard’s approach to integrating Bitcoin with DeFi addresses a clear market need, and LBTC’s fast growth demonstrates user interest to unlock more utility from their Bitcoin holdings,”
According to data from Dune, Lombard presently has about $640 million in total value locked in LBTC. Meanwhile, according to information published on X, the liquid staking token has more than 13,000 holders.
The platform has grown as a result of Bitcoin’s market capitalization reaching over $1.3 trillion. Still, the BTC DeFi ecosystem is slightly more valuable than $1.3 billion.
This indicates that the decentralized finance market on the main blockchain network is still unexplored, representing around 10% of the market capitalization.
Projects like Lombard and Solv Protocol let Bitcoin holders access various products, including lending, yield production, and staking, to liberate this idle cash.
