Binance X, a developer-focused initiative by global blockchain company Binance, has invested in Furucombo, one of the most comprehensive decentralized finance (DeFi) aggregators in the world. The investment is a strategic move to further enhance the decentralized finance ecosystem by enabling easy DeFi loan and trading experiences.
Furucombo’s platform mitigates the risk of lending and borrowing by wrapping up transactions into ‘combos’ executed by a single smart contract, removing the need to jump between multiple platforms.
“We see Furucombo as a game-changer for DeFi. The service makes it easy for the layperson to leverage DeFi composability to string together sophisticated transactions. In particular, the service lowers the barrier to use flash loans, one of the more unique innovations in DeFi but previously only accessible to developers.” Said Teck Chia, Head of Binance X.
Flash loans, which allow users to lend and borrow cryptocurrencies on a small amount of interest, is a new type of financial instrument that opens the door for any person in the world to lend and borrow while the risk is mitigated in a smart contract.
“Binance’s investment in our platform demonstrates two important things. First, it shows there is an immediate need for drag-and-drop tools that can visualize complex DeFi protocols into cubes. Second, it highlights how in building robust DeFi infrastructure, it is crucial for companies to partner in order to expand and enhance the ecosystem.” Hsuan-Ting, CEO of Furucombo.
Furucombo’s drag-and-drop tool allows users to set up custom DeFi combinations, or “combos'', that are bundled together into one transaction. It has captured over $1 billion in trading volume and inspired over 1,000 unique DeFi strategies since its launch in March 2020.
With the network and resources from Binance X, Furucombo can further expand its ecosystem to the global market and continuously break through to mass adoption with its product innovation.
Further details of the investment were not disclosed.