- Binance announces $10 million investment in Helio.
- The investment is to help the decentralized finance platform grow into a liquid staking platform.
- The crypto exchange recently partnered with Liquid to provide KYC service on its Binance Japan platform.
Binance, the largest cryptocurrency exchange in the world, recently disclosed that Binance Labs, its venture arm, has invested in the decentralized finance (DeFi) platform Helio Protocol. With the liquid staking becoming increasingly popular, the crypto exchange believes its investment in Helio will help the company expand.
Additionally, the investment is to help the company launch its services on other networks such as Ethereum, Arbitrum, and zkSync. Per details of the investment, Binance poured about $10 million into Helio.
Helio, which is the third-largest decentralized finance (DeFi) protocol on the BNB network, plans to grow into a liquid staking platform. Thus, this capital infusion comes at a very strategic time for the company.
Binance Partners with Liquid Ahead of Launch in Japan
Ahead of the August 14 launch of its Japanese arm, Binance has partnered with Liquid, a biometric data authentication service. Essentially, the partnership is to help Binance meet regulatory requirements as it re-enters the Japanese market.
Japanese laws require that exchanges adhere to strict KYC procedures. These requirements include implementing detailed identity verification processes and due diligence to prevent money laundering and fraudulent activities. The inability to meet this standard was why the crypto exchange packed up its business from Japan years ago.
Japanese users will still be supported on the Binance global platform through November 30, several months after the launch of Binance Japan. After this date all users in Japan are expected to switch to the Binance Japan platform and adhere to all corresponding legal requirements.
Hiroki Hasegawa, the CEO of Liquid, described his company’s eKYC service as offering “superior facial recognition and ID document image recognition technologies”. Elsewhere, Japan’s prime minister, Fumio Kishida, at a conference, expressed his high hopes for the web3 industry. The prime minister said he hopes the industry regains attention and vitality.
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