Binance Labs, Binance’s venture capital, has announced a partnership with Solv Protocol, a decentralized platform. The partnership would see Binance Labs act as a strategic investor to help build Financial NFTs in the crypto realm. Binance Labs and Solv Protocol will collaborate to launch NFTs on the Binance NFT marketplace and assist Binance Labs portfolio firms in issuing Financial NFTs as part of this investment.
Reactions to the partnership
Reacting to the partnership, Peter Huo, Investment Director at Binance Labs, remarked that Solv Protocol’s ambitions closely rhymes with Binance’s plans for the future. He said “As a decentralized marketplace for Financial NFT, Solv Protocol is pioneering its own area of NFT. We believe in the future synergies that Binance and Solv will have, especially Financial NFTs such as vouchers, have huge room for growth given their proven prevalence in traditional finance. We look forward to working closely with the Solv team to explore innovations in DeFi.”
Mike Meng, co-founder of Solv Protocol noted that the partnership was mutually beneficial to all parties involved. According to him, Solv is a step closer to building the perfect NFT ecosystem.
Mike said, “The most pressing problems in the emerging field of DeFi is the absence of an efficient and flexible tool to express complicated financial contracts. Solv Protocol offsets the gap by bringing to the table financial NFTs and a marketplace designed specifically for creating and trading financial NFTs.”
He added,” With Binance Labs being our strategic investor, we are one step closer to building a better financial NFT ecosystem. I believe that all parties are going to benefit from taking a part in this innovative and fast-growing sector of the crypto world.”
Multiple partnerships
Binance has announced a series of partnerships with various crypto projects to expand its base. The popular crypto exchange platform is leading the way for global crypto adoption with partnerships across the fintech industry, sports, and blockchain gaming,
On the other hand, Solv Protocol has collaborated with more than 30 Defi projects. Each of these partners has minted their Vesting Vouchers. Earlier this year, the platform announced a record-breaking TVL of $260M. Furthermore, Solv has plans to launch its financing tool for DAOs, called “Convertible Voucher.” The voucher would leverage native tokens for DAOs to get liquid assets. However, it would ensure that liquidation possibilities are grossly reduced.
Solv Protocol’s vouchers
Solv Protocol is a growing site for creating, managing, and on-chain trading financial NFTs, such as vouchers. These vouchers reflect financial ownership and rights. Vouchers are growing increasingly popular within the NFT space. They are NFT containers with differing and merging abilities. Vouchers have several use cases in the Defi space. For example, they can considerably increase the liquidity of locked assets.
Solv Protocol’s Vesting Voucher is a splittable NFT construct that may be used to lock up ERC-20 assets. It provides a cheaper and seamless alternative for exchanging and maintaining quotas for traders. Also, an Initial Voucher Offering (IVO) is a public offering in which a project’s native token holdings are locked and offered in Vouchers to average investors who would otherwise be unable to invest in early-stage businesses.
