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Venus Protocol Mini Program Brings Decentralized Borrowing and Lending to the Binance App

2022-05-19

Binance, the world’s leading crypto and blockchain infrastructure provider, has today announced the addition of another DeFi project to its mobile platform, the Venus Protocol Mini Program. This marks the first time a decentralized borrowing and lending app is integrated into the Binance App, available on both iOS and Android. 

Venus Protocol is currently the leading decentralized money market protocol on the BNB Chain. Its Mini Program launched in the Binance App will provide Binance users with an avenue to explore and experience the features and benefits offered by the DeFi world.

The Venus Protocol Mini Program opens the door to a seamless decentralized borrowing and lending experience for Binance users. Through the Binance App, Binance users gain direct access to Venus Protocol. They are able to seamlessly access the features and benefits of the Venus Protocol directly within the Binance interface, without needing to close the mobile app or switch to other platforms. 

Brad Harrison, CEO at Venus Protocol, said: “We are proud to partner with Binance to bring the benefits of the leading borrowing and lending platform on BNB Chain to millions of Binance users. By widening the accessibility to Venus Protocol’s DeFi offerings and minimizing the learning curve into DeFi for users, we are optimistic that this partnership will facilitate greater DeFi adoption globally.”

Venus Protocol is the second DeFi project to be launched on the Binance App. Earlier this year in March, DeFi projects began to be integrated into the Binance ecosystem, starting with the PancakeSwap Mini Program.

Mayur Kamat, Head of Product at Binance, said: “DeFi offerings, with its breadth and excitement, have been seeing increased interest and adoption globally. Yet, significant barriers to entry still exist. Our goal is to make these exciting use cases easily accessible for our users. With the addition of Venus Protocol, the DeFi experience that users can get on the Binance App is greatly enriched.”

All Binance users can access the Venus Protocol Mini Program with Binance DeFi Wallet, a non-custodial decentralized Web3 wallet found within the Binance App. Users can access the Binance DeFi Wallet from the latest version of the Binance App to create a DeFi wallet, transfer funds, and use DApps such as PancakeSwap and Venus Protocol. 

The Binance DeFi wallet experience is designed to simplify the onboarding and fund transfer process for new users, making it very easy to switch between Binance and DeFi, without worrying about selecting certain blockchains or copy/pasting the right addresses. 

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users. It features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

About Binance Marketplace

The Binance Marketplace provides DeFi applications outside of the Binance ecosystem an opportunity to be integrated within its platform while enabling users a seamless DeFi experience within a CeFi application. With the Binance Marketplace, the Binance App will become a super App, providing a one-stop user experience.

About Binance DeFi Wallet

The Binance DeFi Wallet is a non-custodial decentralized Web3 wallet within the Binance application. Together with the Binance DeFi Wallet, users can create a wallet, transfer funds, and use DApps – all within the Binance mobile application. Currently, the wallet supports transfers only to and from the Binance CEX spot wallet. This eliminates the need to copy, paste and check the wallet address for the withdrawal from the Binance CEX spot wallet and depositing back into it.

About Venus Protocol

Venus Protocol is a fast, low cost, decentralized lending platform that lives on the BNB Chain. At its core, Venus is a money market protocol that enables lenders to provide loans to generate yield on their tokens and borrowers to take out loans using $XVS and a variety of other currencies as collateral

Venus differs from other money market protocols through both its ability to borrow other crypto assets and also its ability to mint synthetic stablecoins with over-collateralized positions backed by a basket of cryptocurrencies to protect the protocol.