Binance Labs has announced its investment in the first batch of projects participating in the latest season of its crypto startup incubation program.
According to its post on X, Binance invested in three new projects: Ethena Labs, NFPromt, and Shogun. However, the company did not disclose the amount of funds invested in these projects.
With this new funding from Binance, Ethena Labs will be able to build the necessary infrastructure, develop its platform and bring its vision of transforming Ethereum’s Ether into the first stablecoin that can generate revenue independent of banking systems.
For NFPromt, the funding will allow it to build a one-of-a-kind platform that empowers creators to use AI to generate new content, build communities, and monetize their creations. With support for cutting-edge technologies like NFTs, Caption, and 404, NFPromt is at the forefront of the Web3 revolution.
Shogun, on the other hand, is a DeFi protocol geared towards optimizing incentives and transaction processes to maximize value for investors. The protocol aims to enhance liquidity within the DeFi space and foster a sustainable environment for growth.
These three projects are among the twelve teams selected to join the sixth season of Binance Labs’ incubation program, which commenced on September 25, 2023. The program usually runs for two months and provides early-stage founders with resources from the Binance ecosystem, along with personalized mentorship opportunities to support their visions.
Binance Labs’ Incubation Program has demonstrated success, boasting a return on investment of 14 times for its portfolio. The team has backed over 250 projects across 25 countries, supporting prominent initiatives like Optimism, LayerZero, Celestia, Aptos, Mysten Labs, and Trust Wallet. Notably, more than 50 companies, including Polygon, SafePal, and Injective Labs, have been successfully incubated by Binance Labs.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
