TL;DR
- Binance Labs has made a strategic investment in OpenEden, a real-world asset (RWA) platform, to promote the expansion of these assets within the DeFi ecosystem.
- The amount of the investment has not been disclosed, but it will be used to increase access to RWA-backed yields.
- With the new funding, the platform plans to launch new products, form strategic alliances, and explore emerging markets.
Binance Labs has announced a strategic investment in OpenEden, a real-world asset (RWA) platform, with the goal of driving the adoption and expansion of these assets within the DeFi ecosystem. This marks the exchange’s first foray into the tokenized asset sector.
The specific amount of the investment has not been revealed, but the capital obtained will be used to expand access to RWA-backed yields at OpenEden, which operates from Singapore. The firm has established itself as one of the leading non-U.S. platforms in the industry, with a total value locked (TVL) of approximately $109 million, a significant increase from the $11 million it started the year with.
1/ We are delighted to announce @BinanceLabs strategic investment into @OpenEden_Labs!
The move marks Binance Labs’ first investment into the rapidly growing tokenized real-world assets, or “RWA” space.
Presently, OpenEden has just under $115 million in total value locked, or… pic.twitter.com/Ec8NcNq0nN
— OpenEden (@OpenEden_Labs) September 12, 2024
OpenEden’s platform is recognized for its tokenization of U.S. Treasury bonds, a product that has achieved a TVL exceeding $100 million. The tokenization allows investors and treasury managers to connect their self-custody wallets to acquire TBILL tokens, which generate yields on inactive capital in stablecoins without the need for long-term lockups.
Binance Aims to Capitalize on OpenEden’s Success
With the new funding, OpenEden plans to introduce new products, form strategic alliances, and explore emerging markets. Additionally, the platform recently announced a collaboration with Ripple, which has invested $10 million in TBILL tokens.
Binance Labs’ investment is aimed at strengthening OpenEden’s positioning in the tokenized asset market and integrating real-world yields into the DeFi economy. The platform has already been adopted by over 100 institutional clients and offers increased operational efficiency by managing the entire tokenization process in-house.
