source: cryptoavanza.com
- Binance is investing $10 million in Helio to help it become a liquid staking platform in the world of decentralized finance.
- Additionally, Binance has joined forces with Liquid to offer KYC services on its Binance Japan platform.
Binance, the world’s largest cryptocurrency exchange, has invested $10 million in Helio Protocol, a decentralized finance (DeFi) platform that offers liquid staking services. The investment is part of Binance’s plans to expand its presence in the DeFi space and help Helio launch its services on other networks, such as Ethereum, Arbitrum, and zkSync.
Helio is a liquid staking protocol that allows users to stake their tokens without having to lock them up. This makes it possible for users to earn staking rewards while still being able to use their tokens to trade or lend. Helio is currently the third-largest DeFi protocol on the BNB network, and the Binance investment is expected to help the company grow its user base and expand its services.
Binance Teams Up with Liquid for Japanese KYC Compliance
In a separate development, Binance has partnered with Liquid, a biometric data authentication service, to help the exchange meet regulatory requirements as it re-enters the Japanese market. Japanese law requires cryptocurrency exchanges to adhere to strict KYC (know your customer) procedures, which include implementing detailed identity verification processes and due diligence to prevent money laundering and fraudulent activities.
Binance had previously withdrawn from the Japanese market in 2018 due to its inability to meet these requirements. However, the exchange is now hoping to re-enter the market by partnering with Liquid, which offers a secure and compliant KYC solution.
Under the partnership, Liquid will provide Binance with its eKYC (electronic know your customer) service, which uses facial recognition and ID document image recognition technologies to verify the identities of users. This will allow Binance to comply with Japanese KYC regulations and re-enter the Japanese market.
Japanese PM Fumio Kishida Expresses Support for Web3 Industry
The news of Binance’s investment in Helio and its partnership with Liquid comes as Japan’s prime minister, Fumio Kishida, has expressed his support for the web3 industry. In a recent speech, Kishida said that he hopes the web3 industry will regain attention and vitality in Japan. He also said that the government is considering ways to support the development of the industry.
The investment in Helio and the partnership with Liquid are a sign that Binance is serious about expanding its presence in the Japanese market and the DeFi space. The support of Japanese prime minister Fumio Kishida is also a positive sign for the web3 industry in Japan.
