BNB Chain’s Best Lending Protocol Integrates With Coinbase Wallet

Uplands

BNB Chain (formerly Binance Smart Chain)-based lending/borrowing platform Venus Protocol (XVS) has been integrated with Coinbase Wallet, a self-custody digital asset wallet provided by the eponymous US crypto exchange.

“We love our DeFi. Our integration with the Venus protocol, the best borrowing/lending protocol on the BNB chain, is now complete!” Coinbase announced yesterday.

Venus is one of BNB Chain’s flagship “killer dapps” which bills itself as “a fast, inexpensive and decentralized lending system” that “allows borrowers to borrow funds using $XVS and 22 other currencies as collateral “.

According to the Decentralized Finance (DeFi) Metrics Platform DeFi Llama, Venus is currently the second largest protocol in the Binance ecosystem by total value locked (TVL). At press time, Venus’ TVL stood at $1.71 billion, second only to decentralized exchange PancakeSwap (4.85 billion TVL).

The top five platforms on BNB Chain by their TVL.  Image: DeFi Llama
The top five platforms on BNB Chain by their TVL. Image: DeFi Llama

Unsurprisingly, the price of XVS, the native token of Venus Protocol, saw a spike after the announcement. By Crypto Metrics Platform CoinGeckoXVS is now trading at around $10.45, up around 10% in the last 24 hours.

New face, new features

Much like Binance Smart Chain itself, Venus has also recently undergone a visual rebrand, changing the platform’s logo and color scheme.

Besides the visual fluff, the developers of Venus Protocol also announced that the project’s roadmap includes the upcoming launch of Venus 3.0″ plus a host of new services and features for institutional investors and traders, such as swaps, margin trading and a fiat ramp.”

“Venus strives to become a multi-chain protocol interoperable with additional blockchains such as Ethereum, allowing it to become a key innovator in the evolution of the DeFi space,” the developers said. “This will allow Venus to introduce new game-changing capabilities for DeFi, such as under-collateralized loans and NFT collateral for Venus users.”

As CryptoSlate reported, Coinbase also revealed a new subscription service on Wednesday, dubbed Coinbase One, which offers users $0 in transaction fees, $1 million in account protection, and 24/7 customer support.

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