Binance Labs, the venture capital arm of Binance – the largest crypto exchange by trading volume – conducted a strategic investment in pSTAKE, a liquid staking protocol built by Persistence. Binance hopes that the investment will bring liquid staking and more DeFi innovation to the BNB ecosystem.
pSTAKE enables users to stake Proof of Stake (PoS) assets while generating yield in the decentralized finance (DeFi) space. Users can stake PoS tokens through pSTAKE while receiving fully-backed representative tokens (stkASSETs) that can be put to work in DeFi for additional yield.
Binance’s native token, BNB, is also a PoS asset, and pSTAKE is adding it to its growing list of supported tokens. Soon, users will be able to stake BNB through the platform developed by Persistence to earn more yield.