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            Ambit Finance raised $4.5 Million in order to boost their DeFi Activities on the BNB Chain

            December 5, 2022
            Ambit Finance raised $4.5 Million in order to boost their DeFi Activities on the BNB Chain

            The year 2022 will probably go down as another significant year for the crypto space; the first being 2017; for being the year when Ethereum Merge got completed, the market crashes fell like dominos and Polygon made a significant mark as they bagged some very exciting deals amidst the bear market! With one of the recent events that shook the crypto community even more; due to the ripple effect that it has caused all over; the FTX collapse, the world of DeFi gained momentum.

            The understanding that the FTX incident gave about the crypto market, according to Ethereum Network’s CEO Vitalik, is that the problem lies within the people handling the system and not the technology.

            Joining the sentiment of the space, Binance Labs made a strategic investment in Ambit Finance as their attempt to accelerate the developmelnt of trustless DeFi within the BNB Chain ecosystem.

            The venture capital arm and accelerator of Binance, Binance Labs has made a strategic investment to commit up to $4.5 million to Ambit Finance, a DApp using novel structured financial products to enhance the utility of BUSD and other select crypto assets. Apart from that, the handshake of the two entities, Binance Labs and Ambit, will also team up to work on launching future DeFi apps which will be focused on innovation, security, and risk control! The collaboration is also set to partner with various projects already existing within the BNB Chain ecosystem and beyond.

            Did You Know? Ambit Finance is devised by the same team that operated on Anchor Protocol (ANC) which is the largest DeFi on the collapsed Terra (LUNA) blockchain. The Anchor Protocol allowed its users to generate a whopping 19.5% yield on UST stablecoin deposits.

            According to Tyler Z., Investment Director at Binance, the prospects of the concept that Ambit Finance is bringing to the table look innovative for BNB Chain’s DeFi community. He said, “We believe this strategic investment to be an opportunity to introduce an advanced lending protocol to the BNB Chain community. We hope that Ambit Finance can bring mass adoption of DeFi and that users on BNB Chain will be able to enjoy multiple tailored approaches to advanced lending and risk control.”

            The ultimate purpose of the collaboration between Ambit Finance and Binance Labs is to make three things possible, they are:

            • Building a DeFi super app with collateralized lending
            • Under-collateralized margin lending,
            • Structured products for financial institutions.

            The main focus of Ambit Finance will be on creating an instrument for yield generation. This will be based on the Binance USD (BUSD) coin.

            Fun Fact: BUSD is a U.S.-regulated Binance stablecoin.

            The funding from Binance Labs has opened a lot of prospective doors for Ambit Finance. Sphere CM, the co-founder and CEO of Ambit Finance also mentioned, “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.”

            Source: U.Today
            Read more: Terra LUNA Classic Price Prediction
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