Binance Labs, the venture arm of the crypto exchange giant Binance, has concluded its sixth investment season, backing seven emerging startups. The initiative is driven by a commitment to foster innovation within the cryptocurrency sphere. The exact investment figures for these startups remain undisclosed, but this move signals Binance Labs’ ongoing support for promising ventures in the decentralized landscape.
Selection of Diverse Crypto Startups
Among the startups receiving investments are Ethena Labs, specializing in synthetic dollar protocols, and Derivio, a decentralized futures exchange built on zkSync technology. Shogun, a DeFi protocol designed to optimize investor value, UXUY for decentralized exchange trading, Cellula in blockchain gaming, NFPrompt integrating AI with Web3 for content creation, and QnA3 for Web3 knowledge sharing, have also been selected. This diverse portfolio underscores Binance Labs’ strategic approach towards various sectors within the blockchain ecosystem.
The sixth season saw a reduction from the initial twelve contenders to the seven that received funding. A Binance Labs representative emphasized the company’s selective investment strategy, aimed at empowering founders with a clear vision, rather than providing universal funding.
In comparison, the fifth season of the investment program had chosen five startups out of twelve for funding, demonstrating Binance Labs’ consistent and critical evaluation for each season’s participants.
Preparations for the Next Investment Wave
With the seventh season on the horizon, Binance Labs is actively seeking innovative founders of early-stage projects to join their upcoming investment wave. The firm maintains an open application process, encouraging a continuous stream of potential candidates. The sixth season attracted hundreds of applications, out of which only a select 3% made it to the final investment round.
Binance Labs continues to expand its investment footprint, with recent support extended to Bitcoin and Ethereum staking protocols. Despite returning unused capital from a previous 500 million dollar fund, Binance Labs remains a pivotal player in nurturing the growth of the cryptocurrency ecosystem through strategic investments.