Binance Lab, led by Binance co-founder Yi He and the incubation division, has invested in OpenEden, a platform focused on tokenizing real-world assets. OpenEden runs as a collective which includes a fund management company licensed under the Monetary Authority of Singapore. Another branch of OpenEden’s business consists of the tokenization firm.
The U.S. Treasury Bills Fund was tokenized by OpenEden which crossed $100 million in Total Value Locked (TVL) on August 26th, hitting a new milestone. OpenEden envisions migrating trillions of dollars worth of real-world yield onto the blockchain. This would help bridge the gap between what now exists within real-world assets and the decentralized financial domain.
OpenEden also allows DAO admins, crypto treasury managers, and KYC-enabled investors to link their non-custodial wallets, so they can generate yield on their idol working stablecoins by minting TBILL tokens. OpenEden handles every step of the tokenization process at a treatment level by improving operational efficiency and resulting in higher net returns for token holders.
OpenEden has now signed up more than 100 institutional clients and aims to take DeFi lending to the next level with funding from Binance Labs. The platform plans to launch new products, form channel partnerships, and explore other emerging markets where they can bring their RWA facilities.
“Binance Labs provides unwavering support to projects that are unlocking the next wave of opportunities in Web3 through meaningful and sustainable technologies”, said Andy Chang, Investment Director of Binance Labs. He also said, “OpenEden is well positioned to capitalize on the growing adoption of stablecoins and RWAs, and we are excited to join them on this journey”.
The OpenEden team also expressed their delight at having support from Binance Labs, one of the major players in the Web3 space. The current demand for tokenized RWAs has skyrocketed over the past year, according to a Messari report, which now stands at $8 billion.