Binance Labs announced that the 6th season of the incubation program has ended and announced the 7th season. Additionally, Cellula announced that it has invested in the second batch of S6 incubation projects, including Derivio, QnA3.AI and UXUY.
Binance Labs announced the 7 projects it invested in!
cryptokoin.com As we reported, Binance Labs announced the official result of its sixth season incubation program. Accordingly, there are 7 projects in the group, including Cellula, Derivio, QnA3.AI and UXUY. The investment amounts made in these seven startups were not disclosed. Thus, the 6th season program, which started last December, ended. The incubation program initially included 12 startups. However, investments were ultimately made in seven startups. A Binance Labs spokesperson stated that the firm does not invest in all the startups it incubates. In this context, he noted that the incubation program is designed to support founders and investments are not guaranteed.
- Cellula: A fully on-chain autonomous life simulation strategy game that offers composability and persistence.
- Derivio: A decentralized structured derivatives ecosystem on zkSync.
- QnA3: An artificial intelligence-driven Web3 information sharing and search platform.
- UXUY: A multi-chain platform based on MPC and AA wallet technology.
- Ethena Labs: Synthetic dollar protocol developer.
- Shogun: A purpose-centric DeFi protocol that aims to maximize traders’ extractable value.
- NFPrompt: An artificial intelligence-powered web3 user-generated content platform.
BinanceLabs incubation season 7 begins!
Now the season 7 schedule will start soon. “We are currently looking for forward-thinking founders of early-stage projects to join the program,” Binance Labs said. He also noted that the application process “will be open at all times.” A significant number of projects apply to BinanceLabs’ incubation programs. Binance Labs received “hundreds” of applications for the season 6 program. But he said he ultimately selected 12 startups, or about 3% of the applicants.
Binance Labs has been increasing its investment activities lately. Accordingly, this year it supported Bitcoin staking protocol Babylon and Ethereum restaking protocols Renzo and Puffer Finance. Binance Labs accepted its first external capital last year, closing a $500 million fund. However, the firm began returning unused capital to Limited partners. The LPs had initially invested a total of $150 million in the fund. Binance Labs refunded nearly half of this amount.
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