Binance Labs, the $10 billion venture capital and incubation unit of cryptocurrency exchange Binance, has invested in seven startups from its season 6 incubation program.

Binance Labs said Friday that the seven companies include:

  • Ethena Labs, which develops a synthetic dollar protocol;

  • Derivio, a decentralized derivatives exchange based on zkSync;

  • Shogun, a DeFi protocol focused on maximizing traders' mineable value;

  • UXUY, a decentralized exchange trading platform;

  • Cellula, an on-chain autonomous life simulation strategy game development company;

  • NFPromp, an AI-powered Web3 platform for content creators;

  • QnA3, an AI-powered Web3 platform for knowledge sharing.

However, Labs did not disclose the specific amount invested in each company.

This marks the end of the show's season 6 which began last December. The incubation program initially had up to 12 startups but eventually chose to invest in 7 of them. A spokesperson for Binance Labs said that the company does not invest in all of the startups it incubates, emphasizing that the incubation is aimed at supporting founders, with investments not guaranteed. .

For example, Season 5 of Binance Labs invested in five startups, including zkPass, Mind Network, and DappOS, out of a total of 12 companies on the initial list.

What's in the Binance Labs season 7 incubation program?

The show's season 7 will premiere soon. Binance Labs said:

“We are currently looking for forward-thinking founders of early-stage projects to invite them to join the program,” revealing that the application process “will be open on a rolling basis.”

There are many projects that have applied to participate in Binance Labs' incubation programs. The company said the season 6 program received "hundreds" of applications and ultimately selected only 12 startups, or about 3% of applications.

Binance Labs has recently increased its investment activity, supporting Bitcoin staking protocol – Babylon and Ethereum staking protocols – Renzo and Puffer Finance this year.



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