<

Binance Labs Fuels Innovation in Web3 with Strategic Investments in Incubation Season 6

Binance Labs, the venture capital and incubation arm of the leading cryptocurrency exchange Binance, has announced its investment in seven pioneering projects from the sixth season of its Incubation program. This two-month incubator, which began in December 2023, is tailored to bolster early-stage founders by providing them with one-on-one mentorship from the Binance Labs Investment team and access to a wealth of resources and experts within the Binance ecosystem.

The competition to join the prestigious program was fierce, with hundreds of projects vying for a spot, but only 3% making the cut. Yi He, Co-Founder of Binance and Head of Binance Labs, emphasized the organization’s commitment to nurturing serious early-stage founders. “Our support spans all chains and ecosystems, targeting projects dedicated to long-term development across various sectors,” said Yi He. “We are eager to witness the continued growth and contributions of these projects to the Web3 ecosystem.”

Binance Labs maintains a robust network of Incubation alumni, offering ongoing support through events such as meetups and virtual mixers. A highlight of Incubation Season 6 was the inaugural Incubation Showcase held during Binance Blockchain Week 2023, where projects had the opportunity to pitch to investors and gain exposure among attendees.

The projects selected for investment reflect Binance Labs’ strategic focus on sectors critical to the advancement of Web3:

DeFi Sector:

  • Derivio: A decentralized structured derivatives ecosystem on zkSync, aiming to unleash the full potential of decentralized exchanges (DEXs) for users, builders, and institutions.
  • Ethena: A derivative infrastructure provider set to transform ETH into the first crypto-native yield-bearing stablecoin, independent of traditional banking systems.
  • Shogun: An intent-centric protocol designed to maximize trader extractable value (TEV) through optimized order flow and complete chain abstraction.

Infrastructure Sector:

  • UXUY: A multi-chain platform leveraging MPC and AA wallet technology to reduce entry barriers to decentralized trading with intent-centric features.

Application Layer:

  • Cellula: A fully on-chain autonomous life simulation strategy game that offers composability and persistence.
  • NFPrompt: An AI-driven user-generated content (UGC) platform catering to the next generation of Web3 creators, integrating emerging standards like NFTs, inscriptions, and 404.
  • QnA3: An AI-powered Web3 knowledge sharing and search platform, equipped with a proprietary data lake, enabling users to access Web3 information effortlessly.

These investments underscore Binance Labs’ vision of a thriving Web3 ecosystem, where innovative projects lead the way in shaping the future of decentralized technology.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like