- Binance Labs has named three projects that have become participants in its incubation program.
- Ethena Labs, NFPrompt and Shogun have received investments from the venture capital organization.
Venture capital organization Binance Labs has announced the first investments in the sixth season of its incubation program. According to the team’s announcement, three projects have received funding: Ethena Labs, NFPrompt and Shogun.
We’re excited to announce the first batch of S6 Incubation projects that we’ve made an investment in!
🔸@ethena_labs
🔸@nfprompt
🔸@shogunfi
Find out more about the projects listed alphabetically below👇 pic.twitter.com/P9hGPnC4vy
- Binance Labs Fund (@BinanceLabs) February 15, 2024
As Binance Labs explained, the incubation program allows founders of Web3 projects to take advantage of a special training plan and resources from the Binance ecosystem.
“Through the incubation program, we leverage the resources of our entire ecosystem to provide advisory support, helping early-stage project founders grow with us,” said Binance co-founder Yi He.
According to the organization, NFPrompt is a decentralized artificial intelligence-based application with multimodal proprietary models. The platform allows you to convert text into images, videos or music, create non-fungible tokens (NFTs), vote and receive rewards.
Ethena Labs is positioned as an infrastructure provider to convert Ethereum into a derivative stablecoin. It is independent of traditional banking systems and is capable of generating revenue, according to Binance Labs. The team has raised $6.5 million in investment from Delphi Digital, Mirana Ventures and other funds.
In turn, Shogun is an independent order flow aggregator and liquidity router for modular networks. The project reportedly runs on the Cosmos blockchain.
You can read more about each startup on the website.
Binance Labs has invested in 25 Web3 projects in 2023, according to the report. The fund’s portfolio covers about 250 projects.
