- Binance Labs has concluded its latest incubation program.
- Seven projects secured funding from the program.
- The projects are spread across three sectors.
Binance Labs, the multibillion-dollar venture capital arm of the world’s largest crypto exchange, Binance, has concluded the sixth season of its incubation program with investments into seven early-stage projects.
The two-month incubation program commenced in December 2023 and aims to empower Web3 startup founders with wide-ranging resources, including 1:1 mentorship from the Binance Labs investment team and access to experts across the Binance ecosystem.
Binance Labs Concludes Its S6 Incubation Program
According to a blog post dated March 8, Binance Labs has ended its S6 incubation program with investments into seven projects across decentralized finance (DeFi), infrastructure, and application layer sectors.
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Among the seven projects are three startups shortlisted in the first batch on February 15, including Ethena Labs, a derivative infrastructure provider aiming to transform ETH into the first crypto-native yield-bearing stablecoin, AI-driven User-Generated Content platform NFPrompt, and Shogun, a decentralized exchange.
Other inductees of the program include Derivio, a decentralized structured derivatives ecosystem on zkSync; Cellula, an on-chain autonomous life simulation strategy game; UXUY, a multi-chain platform based on MPC and AA wallet technology; and QnA3, an AI-powered Web3 knowledge sharing and search platform.
While the statement didn’t specify the amount of investment channeled to specific projects, the head of Binance Labs Yi He assured the shortlisted startups of a comprehensive support system.
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“Our support extends across all chains and ecosystems for projects that are committed to long-term development across various sectors. We look forward to seeing each project’s continued growth and contribution to the Web3 ecosystem.” He stated.
Following the conclusion of the S6 incubation program, Binance Labs is keen on launching the seventh season, where the application process “will be open on a rolling basis.” As for S6, while hundreds of projects applied for participation, only 3% were admitted to the program.
Read how Binance Labs distanced itself from SkyArk Chronicles funding:
Binance Labs Denies Leading SkyArk Chronicles $15M Funding Round
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