Launched by Anchor’s alumni, Ambit Finance secures funds from Binance Labs to build new BUSD-based product
Binance Labs, the VC arm of the largest global cryptocurrency platform Binance, has confirmed its investment in Ambit Finance, a new generation DeFi platform.
Ambit Finance secures $4.5 million from Binance Labs
According to an official announcement shared by Binance Labs, it led the strategic funding round for Ambit Finance DeFi. The net amount of funding totals $4,500,000.
According to the statement from representatives of Binance Labs, this round is set to highlight their commitment to supporting trusted DeFi protocols in the BNB Chain ecosystem.
Ambit Finance is developed by the same team that ran Anchor Protocol (ANC), the largest DeFi on the collapsed Terra (LUNA) blockchain. Anchor allowed its users to generate a 19.5% yield on UST stablecoin deposits.
With the launch of Terra 2.0, the Anchor Protocol (ANC) was exploited, as U.Today covered earlier.
Tyler Z., Investment Director at Binance, highlights that Ambit Finance’s concept looks innovative for BNB Chain’s DeFi community:
We believe this strategic investment is an opportunity to introduce an advanced lending protocol to the BNB Chain community. We expect Ambit Finance to see massive adoption of DeFi, and users on the BNB chain will be able to enjoy multiple tailored approaches to advanced lending and risk control.
Unlocking new opportunities for BNB Chain
Ambit Finance will be focused on building an instrument for yield generation based on Binance USD (BUSD), a U.S.-regulated Binance stablecoin.
Sphere CM, co-founder and CEO of Ambit Finance, is excited about the potential this funding round holds for his project:
The Ambit team has unprecedented experience in scaling mass-adoption protocols. The product will leverage lessons learned over the past year and make security and sustainability its governing principles. We will work closely with BNB Chain to make Ambit a cornerstone of the ecosystem’s on-chain strategy and, paired with Binance’s trusted brand and market strength, to make it a magnet for financial institutions entering the crypto space
Building a DeFi super app with collateralized loans, low collateral margin loans and structured products for financial institutions is the ultimate objective of the collaboration between Ambit Finance and Binance Labs.
