Binance Labs Boosts Seven Startups

Binance Labs, the venture capital and incubation powerhouse with a $10 billion fund under the flagship of the crypto behemoth Binance, has recently spotlighted seven startups as part of its Season 6 incubation program. These ventures, selected from a competitive pool of applicants, illustrate the broad spectrum of innovation and potential within the crypto and blockchain ecosystem.

The selected startups include Ethena Labs, a pioneer in synthetic dollar protocols; Derivio, a decentralized derivatives exchange leveraging zkSync technology; Shogun, a DeFi protocol focused on maximizing trader extractable value with an intent-centric approach; UXUY, a platform aiming to redefine decentralized exchange trading; Cellula, which brings an on-chain autonomous life simulation strategy game; NFPrompt, an AI-driven platform for web3 user-generated content; and QnA3, another AI-powered platform dedicated to web3 knowledge sharing.

This diverse group of startups, chosen from “hundreds” of applications, underscores Binance Labs’ commitment to fostering innovation across various facets of the digital asset landscape. Despite incubating 12 startups, Binance Labs made the strategic decision to invest in seven, emphasizing the program’s goal to support founders with potential rather than guarantee investments for all participants.

The incubation journey, which began last December, serves as a testament to Binance Labs‘ rigorous selection process and its vision for the future of blockchain technology. With Season 7 on the horizon, Binance Labs remains on the lookout for “forward-thinking founders of early-stage projects,” signalling an ongoing commitment to nurturing groundbreaking ideas in the crypto space.

Binance Labs’ activity extends beyond its incubation program, as evidenced by recent investments in Bitcoin staking protocol Babylon and Ethereum restaking protocols Renzo and Puffer Finance. These investments further cement Binance Labs as a pivotal player in the ecosystem’s growth and development.

Notably, last year marked a significant milestone for Binance Labs as it welcomed external capital for the first time, securing a $500 million fund. However, in a move reflecting its strategic financial management, Binance Labs began returning undeployed capital to its Limited Partners (LPs), repaying close to half of the $150 million initially invested by LPs.

Binance Labs’ selective investment in seven promising startups from its Season 6 incubation program underscores the firm’s role as a catalyst for innovation and growth within the blockchain and crypto industry. As the landscape continues to evolve, Binance Labs stands at the forefront, ready to propel the next generation of technological breakthroughs and entrepreneurial success.