Binance Labs, the venture arm of the cryptocurrency exchange Binance, has invested in Perena, a stablecoin infrastructure protocol by Quine Co. This pre-seed funding round, led by Borderless Capital, raised around $3 million and gained interest from institutional investors such as MitonC Fund, Maelstrom Fund, Breed VC, and ABCDE Labs.
What is Perena?
Perena is a stablecoin infrastructure protocol designed to address the core challenges of the rapidly growing stablecoin market, valued at over $170 billion. Traditional stablecoins often have fragmented and siloed liquidity pools, leading to inefficient capital usage. Perena aims to resolve these issues by creating a more efficient, decentralized, and accessible stablecoin ecosystem.
Key Features of Perena
Perena's flagship product, Numéraire, is an automated market maker (AMM) that facilitates the creation, swapping, and liquidity provision of stablecoins. Unlike traditional AMMs, Numéraire eliminates the need for active concentrated liquidity market makers (CLMM), reducing the capital requirements for new stablecoin launches. This supports the easier market entry of new coins and enhances the liquidity of existing ones. Numéraire also allows exposure to tokenized real-world assets (RWAs), enabling users to earn yields on their stablecoin holdings. The integration of Perena with Solana and the use of Solana Interest Bearing Tokens (IBTs) ensure that the platform adapts to new standards and user needs.
Perena's Future After Investment
According to reports, the recent investment will help Perena expand its team, increase community engagement, and build a comprehensive stablecoin product suite on Solana. The funds will also be used to drive the mass adoption of stablecoins and improve capital efficiency within the DeFi ecosystem.
The investment from Binance Labs highlights the importance of innovation in the stablecoin network and opens new avenues for Perena in the development of financial infrastructure. Support from leading industry players promises a bright future for the platform.
