Binance Labs Selects Three Projects for Incubation Program
Date: 2024-02-15 Author: Dima Zakharov Categories: BUSINESS
Binance Labs, a venture organization, has disclosed the initial investments for its sixth season of the incubation program. Ethena Labs, NFPrompt, and Shogun have been named as the recipients of funding. The incubation program aims to support early-stage Web3 projects by providing specialized training and access to resources within the Binance ecosystem.
According to Binance Labs co-founder Yi He, the incubation program leverages the resources of the entire ecosystem to offer advisory support, aiding project founders in their growth journey.
NFPrompt, described as a decentralized AI-powered application, offers patented multimodal models. The platform enables text transformation into various media formats, creation of non-fungible tokens (NFTs), voting mechanisms, and reward distribution.
Ethena Labs functions as an infrastructure provider for converting Ethereum into derivative stablecoins, independent of traditional banking systems. The team secured $6.5 million in investments from Delphi Digital, Mirana Ventures, and other funds.
On the other hand, Shogun operates as an independent order flow aggregator and liquidity router for modular networks, reportedly functioning on the Cosmos blockchain.
Detailed information about each startup is available on the official website. In 2023, Binance Labs invested in 25 Web3 projects, expanding its portfolio to approximately 250 projects.
