Binance Reveals Investments in Ethena, NFPrompt & Other Crypto Projects
Binance Labs, the venture capital and incubation arm of Binance, has made significant investments through its Season 6 Incubation program. This program serves as a platform to empower early-stage founders by providing mentorship from the Binance Labs Investment team, alongside access to resources and experts across the Binance ecosystem. Out of hundreds of applicants, only a selective 3% were admitted to Season 6, emphasizing the rigorous selection process.
Among the notable outcomes of Season 6, Binance Labs has announced investments in seven top-performing projects. These investments represent a strategic move by Binance to support innovative initiatives within the cryptocurrency and blockchain space. The projects selected cover various sectors, showcasing the program’s diversity and commitment to fostering growth and innovation.
Overview of Season 6 Projects by Sector
In the decentralized finance (DeFi) sector, Binance Labs has invested in projects such as Derivio, Ethena, and Shogun. Derivio aims to establish a decentralized structured derivatives ecosystem on zkSync, while Ethena seeks to transform ETH into the first crypto-native yield-bearing stablecoin. Shogun focuses on maximizing trader extractable value (TEV) through optimized order flow and complete chain abstraction.
In the infrastructure sector, UXUY stands out with its multi-chain platform based on MPC and AA wallet technology. UXUY’s intent-centric features play a crucial role in minimizing entry barriers to decentralized trading, thereby enhancing accessibility and user experience within the crypto space.
Projects like Cellula, NFPrompt, and QnA3 contribute significantly to the application layer of the Web3 ecosystem. Cellula offers a fully on-chain autonomous life simulation strategy game with composability and persistence. NFPrompt, on the other hand, is an AI-driven UGC platform tailored for Web3 creators, integrating emerging standards such as NFTs. QnA3 serves as an AI-powered Web3 knowledge sharing and search platform, facilitating effortless access to information and knowledge within the crypto community.
Also Read: Solana Co-founder Praises Brian Armstrong Over Coinbase’s Hiring Policy
Binance Labs’ Continued Support to Incubation Alumis
Binance Labs reaffirms its commitment to supporting Incubation alumni beyond the initial investment phase. Through meetup events and virtual mixers, the organization ensures ongoing support and networking opportunities for entrepreneurs within its ecosystem. The recent Incubation Showcase held during Binance Blockchain Week 2023 provided a platform for Season 6 projects to present their pitches to investors and gain exposure.
Looking ahead, Binance Labs expresses anticipation for the continued growth and development of the projects nurtured through its Incubation program. These investments not only contribute to the success of individual startups but also play a vital role in advancing the broader Web3 ecosystem, driving innovation and adoption in the cryptocurrency space.
Also Read: Blur, Sei, and Uniswap Prices Likely to Rally Next Week, Here’s Why
The post Binance Reveals Investments in Ethena, NFPrompt & Other Crypto Projects appeared first on CoinGape.
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Binance Reveals Investments in Ethena, NFPrompt & Other Crypto Projects
Binance Labs, the venture capital and incubation arm of Binance, has made significant investments through its Season 6 Incubation program. This program serves as a platform to empower early-stage founders by providing mentorship from the Binance Labs Investment team, alongside access to resources and experts across the Binance ecosystem. Out of hundreds of applicants, only a selective 3% were admitted to Season 6, emphasizing the rigorous selection process.
Among the notable outcomes of Season 6, Binance Labs has announced investments in seven top-performing projects. These investments represent a strategic move by Binance to support innovative initiatives within the cryptocurrency and blockchain space. The projects selected cover various sectors, showcasing the program’s diversity and commitment to fostering growth and innovation.
Overview of Season 6 Projects by Sector
In the decentralized finance (DeFi) sector, Binance Labs has invested in projects such as Derivio, Ethena, and Shogun. Derivio aims to establish a decentralized structured derivatives ecosystem on zkSync, while Ethena seeks to transform ETH into the first crypto-native yield-bearing stablecoin. Shogun focuses on maximizing trader extractable value (TEV) through optimized order flow and complete chain abstraction.
In the infrastructure sector, UXUY stands out with its multi-chain platform based on MPC and AA wallet technology. UXUY’s intent-centric features play a crucial role in minimizing entry barriers to decentralized trading, thereby enhancing accessibility and user experience within the crypto space.
Projects like Cellula, NFPrompt, and QnA3 contribute significantly to the application layer of the Web3 ecosystem. Cellula offers a fully on-chain autonomous life simulation strategy game with composability and persistence. NFPrompt, on the other hand, is an AI-driven UGC platform tailored for Web3 creators, integrating emerging standards such as NFTs. QnA3 serves as an AI-powered Web3 knowledge sharing and search platform, facilitating effortless access to information and knowledge within the crypto community.
Also Read: Solana Co-founder Praises Brian Armstrong Over Coinbase’s Hiring Policy
Binance Labs’ Continued Support to Incubation Alumis
Binance Labs reaffirms its commitment to supporting Incubation alumni beyond the initial investment phase. Through meetup events and virtual mixers, the organization ensures ongoing support and networking opportunities for entrepreneurs within its ecosystem. The recent Incubation Showcase held during Binance Blockchain Week 2023 provided a platform for Season 6 projects to present their pitches to investors and gain exposure.
Looking ahead, Binance Labs expresses anticipation for the continued growth and development of the projects nurtured through its Incubation program. These investments not only contribute to the success of individual startups but also play a vital role in advancing the broader Web3 ecosystem, driving innovation and adoption in the cryptocurrency space.
Also Read: Blur, Sei, and Uniswap Prices Likely to Rally Next Week, Here’s Why
The post Binance Reveals Investments in Ethena, NFPrompt & Other Crypto Projects appeared first on CoinGape.
Read More