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Trading Platform Jane Street Is Backing NEAR-Based Lending Protocol

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More exciting moves are taking place in the crypto space these days. This is happening despite the tensions that are taking place due to the geopolitical situation stemming from the Russia-Ukraine war. The latest one involves the trading giant Jane Street.

Jane Street announces support for an upstart project in DeFi

It’s been just reported that Jane Street announced the backing of an upstart project in the decentralized finance space. This basically represents the latest sign that the global trading firm is prioritizing crypto.

The company has made an investment in Bastion – this is a decentralized lending protocol built on the NEAR blockchain.

In a statement shared with The Block, the project’s anonymous founder N^2 made sure to reveal the fact that the project has experienced “explosive growth,” pointing to $200 million in total value locked in the protocol within the first 24 hours of its launch.

“NEAR has the highest growth potential of any Layer-1 blockchain right now. As the fastest, sharded Proof-of-Stake chain with superb infrastructure and developer experiences, NEAR has all the tools to become the next DeFi powerhouse.” This is what N^2 said.

It’s also important to note the fact that Bastion launched its main net on March 7.

Investors in the latest project

It’s also important to note the fact that there’s a massive palette of investors in the funding round – these include ParaFi Capital, CMS, and Digital Currency Group.

The Block Crypto notes that there are also individual investors which include The Daily Ape’s Darren Lau and 0xMaki.

Jane Street recently talked to Bloomberg News about the crypto trading business with an important executive saying that the company has been “exploring working with emerging platforms, such as decentralized finance exchanges.”

Stay tuned for more exciting news and make sure to keep your eyes on the crypto markets.

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