Infrared Protocol secures funding from Binance Labs to expand its team and conduct audits, marking a significant milestone in the development of its liquid staking solution built on Berachain.
- Infrared Protocol receives undisclosed funding from Binance Labs.
- Funds will be used for team expansion and audits.
- Currently, Infrared has eight employees with plans to hire three more.
- Protocol to launch in Berachain V2 testnet soon.
- Future plans include launching the native token, IRED.
Infrared’s Strategic Funding
The liquid staking protocol Infrared, based on Berachain, has secured funding from Binance Labs. The investment amount remains undisclosed, but it is clear that the funds will be directed towards expanding the team and conducting necessary audits. This development was confirmed by Infrared’s co-founder and CEO, Raito Bear, who mentioned the strategic funding round was structured as a Simple Agreement for Future Tokens (SAFT).
Expansion and Hiring Plans
Currently, Infrared operates with a team of eight. With the new funding, the startup plans to hire two engineers and a developer relations specialist. This expansion is critical as Infrared prepares for its next phase of development and deployment.
Upcoming Testnet Launch
Infrared is on the verge of launching its protocol in the Berachain V2 testnet. This phase is crucial for gathering user feedback and refining the protocol before its mainnet launch. According to CEO Raito Bear, this step will ensure the protocol is robust and user-ready.
Future Prospects
Looking ahead, Infrared plans to introduce its own token, IRED. This move is anticipated to further integrate the protocol within the crypto ecosystem, providing additional utility and engagement for its users.
In January 2024, Infrared successfully raised $2.5 million in investments, setting a solid foundation for its current advancements. The latest funding from Binance Labs underscores the potential and growth trajectory of Infrared in the rapidly evolving cryptocurrency landscape.
Infrared’s progress represents a significant step forward in liquid staking solutions, offering enhanced flexibility and efficiency for crypto holders. As the protocol moves closer to its mainnet launch, the broader implications for the crypto market are promising, potentially setting new standards in staking and decentralized finance.
