coindesk.com
Nasdaq-listed biotech firm Windtree Therapeutics has entered into a strategic partnership with crypto exchange Kraken to manage its $BNB-focused crypto treasury program, the companies announced Tuesday.
The deal will see Kraken handle custody, trading and over-the-counter (OTC) execution of $BNB assets for Windtree.
So far $60 million has been raised, and another $140 million could be on the cards for the $BNB treasury strategy, so potentially a $200 million deal, a Kraken representative said via email.
Crypto treasury plays are all rage right now. Windtree says this is the first treasury strategy focused on $BNB, the native asset of the Binance Smart Chain. $BNB currently ranks among the top five cryptocurrencies by market cap and sees over $2 billion in daily trading volume.
Kraken, which serves both institutional and retail clients, will offer Windtree access to secure wallets, deep liquidity, and large-scale execution services. “We’re enabling them to navigate the Binance ecosystem with confidence,” said David Olsson, Kraken’s global head of institutional client solutions.
$BNB is used to pay fees and interact with applications on Binance Smart Chain, which hosts thousands of decentralized apps. By using Kraken’s infrastructure, Windtree aims to create a pipeline between traditional shareholders and a DeFi ecosystem that's typically out of reach for U.S. investors.
The final agreement will be signed following shareholder and regulatory approval.