Binance Labs invested in the Renzo protocol

• Renzo has already played his second round recently.
• Binance Labs invested an unspecified amount in the project.
• Previously, the company financed another re-staking protocol – Puffer Finance.

Binance Labs, the venture arm of the exchange of the same name, invested an undisclosed amount in the Renzo project. This is a liquid re-staking protocol based on EigenLayer.

This is Renzo’s second round recently.. In January 2024, the project raised $3.2 million at the seed stage.

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The startup entered the market in August 2023. The team began fundraising in the fall, and the testnet was launched in December.

Among the developers’ plans is to go beyond the Ethereum ecosystem. The team is also going to launch the main network after completing the third stage of tests on EigenLayer.

Details of the new round are not disclosed. It is known that Binance Labs invested in the same way as the participants in the seed stage, that is, using token warrants.

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Previously, Binance Labs invested in another liquid re-staking protocol – Puffer Finance. In this case, the amount was also not disclosed.

In February 2024, the volume of funds blocked in restaking protocols reached $3.5 billion.