Binance Labs, the $10 billion venture capital and incubation arm of crypto exchange Binance, has invested an undisclosed sum in Renzo, an Ethereum liquid restaking protocol based on EigenLayer.

Binance Labs' investment in Renzo comes shortly after the startup raised $3.2 million in a seed funding round at a $25 million valuation last month. Renzo founding contributor Lucas Kozinski told The Block that Binance Labs' investment has the same structure as the seed round, i.e., equity with token warrant in a 1:1 ratio.

Renzo is Binance Labs' second recent investment in the Ethereum restaking space. The firm invested in Puffer Finance last month, which has quickly grown to become the second-largest liquid restaking protocol since its launch on Feb. 1. Puffer …