Binance Labs Invests in Seven Promising Projects in Incubation Program
Date: 2024-03-08 Author: Dima Zakharov Categories: BUSINESS
Binance Labs, the venture organization of Binance, has unveiled the recipients of its funding in the latest cohort of its incubation program. Among the notable projects to receive investment are Derivio, Ethena Labs, Shogun, UXUY, Cellula, NFPrompt, and QnA3.
Venture funds were allocated across various categories including decentralized finance (DeFi), infrastructure, and applications. Binance Labs also announced the commencement of its seventh season of investment programs.
According to Binance Labs, their goal is to support early-stage project founders across different blockchain ecosystems for long-term growth. Yi He, co-founder of Binance and head of Binance Labs, expressed enthusiasm for the contribution of each project to the Web3 ecosystem.
Detailed insights into each project were provided. Ethena Labs, for instance, positions itself as an infrastructure provider for converting Ethereum into derivative stablecoins, having previously secured investments from Delphi Digital, Mirana Ventures, and other funds.
Derivio is a decentralized ecosystem of structured derivatives on zkSync aiming to unlock the full potential of DEX for users, developers, and institutions.
Shogun, another DeFi protocol, received investments from Binance Labs. It operates as an independent order flow aggregator and liquidity router for modular networks, reportedly functioning on the Cosmos blockchain.
UXUY's platform operates on multi-party computation (MPC) wallet technology, aiming to minimize entry barriers for decentralized trading.
NFPrompt is an AI-powered application with multimodal patented models, enabling the transformation of text into images, videos, or music, creating non-fungible tokens (NFTs), and earning rewards.
Also included in Binance Labs' supported projects are the simulation game Cellula and the AI-based Web3 platform QnA3 for knowledge exchange. Further details about each startup can be found on the official website.
Additionally, the team announced the upcoming launch of the seventh season of the incubation program. In 2023, Binance Labs invested in 25 Web3 projects, expanding its portfolio to cover over 250 projects.
