Infrared startup has raised funds from Binance Labs
Liquidity betting protocol developers Berachain of Infrared Finance have raised an undisclosed amount of cash from Binance Labs. The company invested in the crypto startup as part of a strategic funding round, as co-founder and CEO Raito Behar told The Block. Infrared is Binance Labs' first investment in the Berachain ecosystem.
The strategic funding round is structured as a simple agreement for future tokens or SAFT. Earlier this year, Infrared also raised $2.5 million in an initial investment round from NGC Ventures, Tribe Capital, Shima Capital, Signum Capital and others. Behar declined to comment on the total amount of capital raised and did not give a valuation for the business.
Infrared was founded last year as one of the debut projects of Berachain Foundation's Build-A-Bera program. As a reminder, Berachain is a Level 1 (L1) blockchain compatible with the Ethereum Virtual Machine (EVM). Its developers have yet to launch the product's core network. According to The Block Pro funding dashboard, the startup has received $112 million in funding and is backed by prominent investors including Brevan Howard, Polychain Capital and Framework Ventures .
Infrared's protocol is under development and will later be launched on the Berachain V2 test network. "This will allow us to gather user feedback and improve the protocol before launching the main network," he added. Infrared will also launch its own IRED token, the startup executive assured.
Liquidity betting protocol developers Berachain of Infrared Finance have raised an undisclosed amount of cash from Binance Labs. The company invested in the crypto startup as part of a strategic funding round, as co-founder and CEO Raito Behar told The Block. Infrared is Binance Labs' first investment in the Berachain ecosystem.
The strategic funding round is structured as a simple agreement for future tokens or SAFT. Earlier this year, Infrared also raised $2.5 million in an initial investment round from NGC Ventures, Tribe Capital, Shima Capital, Signum Capital and others. Behar declined to comment on the total amount of capital raised and did not give a valuation for the business.
Infrared was founded last year as one of the debut projects of Berachain Foundation's Build-A-Bera program. As a reminder, Berachain is a Level 1 (L1) blockchain compatible with the Ethereum Virtual Machine (EVM). Its developers have yet to launch the product's core network. According to The Block Pro funding dashboard, the startup has received $112 million in funding and is backed by prominent investors including Brevan Howard, Polychain Capital and Framework Ventures .
Infrared is Berachain's liquid betting protocol that creates two assets - iBGT and iBERA - for key cryptocurrencies in the Berachain ecosystem: the BGT (governance token) and BERA (gas token), respectively. According to Behar, Infrared currently has no direct competitors in the sector. However, "the company wants to grow in a healthy market environment and is driving innovation."
Infrared's protocol is under development and will later be launched on the Berachain V2 test network. "This will allow us to gather user feedback and improve the protocol before launching the main network," he added. Infrared will also launch its own IRED token, the startup executive assured.