<img src="https://crypto.news/app/uploads/2023/11/crypto-news-broken-Binance-logo03.webp” />
Binance Labs invested in the Ethena Labs, NFPromt and Shogun projects as part of the incubator.
According to a post on the X account on February 15, Binance invested in three projects during season six. The details of the latest initiative and the amount of the investment have not been revealed, but Binance Labs did reveal the entities from whom it received financing, such as:
Ethena Labs is known to provide the derivatives infrastructure to transform ethereum (eth) into the first cryptocurrency stablecoin that generates revenue independently of banking systems.
NFPromt is an ai-powered user-generated content platform designed for the next generation of Web3 creators, including all new standards such as non-fungible tokens (nft), Caption and 404, an all-in-one platform that enables creation of ai. social communities and marketing.
Project Shogun is an intent-centric protocol that aims to maximize Trader Extractable Value (TEV) through optimized order flow and complete on-chain abstraction.
In January, Binance Labs resumed its work in 2023. The fund's investment program aimed to support tools based on zero-knowledge proof methods, Web3 games, and various decentralized finance (defi) products.
The report claims that the Binance Labs portfolio has a 14x return on investment and covers 250 projects in 25 countries. The team has supported several well-known projects, including Optimism, LayerZero, Celestia, Aptos, Mysten Labs, and Trust Wallet. Binance Labs has incubated more than 50 companies, including Polygon, SafePal, and Injective Labs.
