Binance Labs Joins Perena $3M Pre-Seed Round to Boost Stablecoin Adoption

As a seasoned crypto investor with over a decade of experience in this dynamic industry, I’ve witnessed countless projects come and go. However, when I read about Perena, I was immediately intrigued. The caliber of institutional investors backing them, including Binance Labs, Borderless Capital, and others, is a testament to the potential they see in this project.

In a recent development, startup Perena, which is constructing essential foundations to tackle key issues within the stablecoin sector, has successfully completed its pre-seed funding round. This round was spearheaded by Borderless Capital, as reported by Coindesk. Institutional investors such as Binance Labs, MitonC Fund, Maelstrom Fund, Breed VC, and ABCDE Labs, along with others, have also shown interest in Perena’s venture.

Anna Yuan, previously the lead of stablecoins on the Solana Foundation and now heading Perena, declared that they successfully secured approximately $3 million in a preliminary funding round, with Borderless Capital taking the lead. The funds will be utilized to solidify the infrastructure necessary for facilitating widespread adoption of stablecoins within the company.

Consequently, Perena plans to strategically hire engineers to establish the framework for their stablecoin on the Solana blockchain.

7/ Keen on shaping the future of finance? Our worldwide team is currently seeking engineers and educators to be part of our journey!

— Perena (@Perena__) December 11, 2024

Max Coniggio, as an Investment Director at Binance Labs, underscored the firm’s persistent backing of emerging Web3 initiatives, specifically mentioning their financial commitment towards Perena and its objective to boost the use of stablecoins within the Solana ecosystem.

Binance Labs continues to offer continuous support for budding projects that foster the advancement of the Web3 infrastructure. We’re thrilled to support Perena from their initial stages and help them in their goal to bring more stablecoin users onto Solana, as highlighted by Coniglio.

Perena Protocol and the Stablecoins Industry

Perena aims to facilitate widespread acceptance of stablecoins by creating an underlying infrastructure rather than introducing a new comparable product. The objective, as stated by Perena, is to unite the stablecoin market through a single platform providing uniform liquidity.

As a crypto investor, I’m excited to share that I recently witnessed the launch of Numéraire, my platform’s inaugural product. This innovative multi-swap stableswap has already managed to integrate with leading stablecoins in the market, such as Tether USDT, Circle’s USDC, PayPal’s PYUSD, USDS, cfUSD, sUSD, and USDY. Integrating with Perena is a significant step forward for us, opening up new possibilities for seamless transactions within the crypto space.

On Perena’s platform, powered by Solana, the Numéraire stable swap optimizes capital usage effectively using bounced liquidity and intelligent swap navigation to safeguard users from potential MEV threats. This setup ensures swift, budget-friendly transactions for users.

In the meantime, Perena is establishing its foundation by implementing a Collateralized Debt Position (CDP) system. This system empowers users to borrow funds using their stable swap liquidity pool tokens (LPTs), Solana’s LSTs, and Bitcoin-backed SOL assets as collateral.

Bigger Market Picture

In the wave of widespread digital asset and web3 technology acceptance, Perena is placing its wagers on the persistent growth of stablecoins. As per the most recent market figures, the stablecoin sector has expanded into a massive $204 billion industry, with approximately $174 billion traded daily. Notably, USDT and USDC are currently leading this market.

Under the Trump administration’s plans, there’s an emphasis on boosting the value of private stablecoins instead of a Central Bank Digital Currency (CBDC). Experts predict that this sector could reach a staggering $1 trillion market cap within the next few years.

Moreover, many stablecoins serve as an exit point for most alternative coins and play a crucial role in handling payrolls within the web3 environment.

Read More

2024-12-11 22:28