Binance Labs Wraps Up Incubation Season 6 with Strategic Investments in Seven Blockchain Startups

Jessie A Ellis  Mar 08, 2024 16:50  UTC 08:50

0 Min Read

Binance Labs, the venture capital and strategic incubator arm of the leading cryptocurrency exchange Binance, has officially completed its sixth season of the Incubation Program, announcing investments in seven promising early-stage blockchain projects. This move underlines Binance Labs' continued commitment to fostering innovation and long-term development within the blockchain and cryptocurrency ecosystem.

The Incubation Program, which began in December 2023, is a two-month initiative designed to provide hands-on mentorship and support from the Binance Labs Investment team, along with access to the extensive network and resources of the Binance ecosystem. Out of hundreds of applicants, only 3% were admitted to the program, highlighting the competitive and rigorous selection process that prioritizes high potential projects.

Yi He, Co-Founder of Binance and Head of Binance Labs, commented on the program's success and the company's vision, stating, "Binance Labs is dedicated to backing serious early-stage founders. Our support spans all chains and ecosystems for projects that show a genuine commitment to long-term growth in various sectors. We eagerly anticipate the continued progress of these projects and their contributions to the Web3 landscape."

The seventh season of the Binance Labs Incubation Program has been announced, with applications accepted on a rolling basis. This presents a new opportunity for innovative founders aiming to impact the blockchain industry.

The Season 6 incubated projects reflect a diverse range of sectors including Decentralized Finance (DeFi), infrastructure, and AI-powered applications. These projects are:

Derivio: A decentralized structured derivatives ecosystem on zkSync, aiming to enhance DEX utility for users, developers, and institutions.

Ethena: A derivative infrastructure provider that seeks to convert ETH into a yield-bearing, crypto-native stablecoin without reliance on traditional banking systems.

Shogun: An intent-centric protocol designed to maximize trader extractable value through optimized order flow and chain abstraction.

UXUY: A multi-chain platform utilizing MPC and AA wallet technology to lower entry barriers to decentralized trading.

Cellula: An on-chain autonomous life simulation strategy game offering composability and persistence.

NFPrompt: An AI-driven platform for Web3 creators, integrating AI-creation, social communities, and commercialization.

QnA3: An AI-powered knowledge sharing and search platform tailored for Web3, with a proprietary data lake for seamless information access.

Binance Labs boasts a portfolio exceeding $10 billion, with investments in 250 projects across more than 25 countries. The venture capital arm emphasizes its success with an ROI rate over 14X, demonstrating its significant impact and leadership in the blockchain investment space.

Image source: Shutterstock

Read More