- Binance Labs has invested in 7 protocols from its Incubation Season 6 Campaign.
- The investments are coming at a time when the industry is seeing increasing attention from the broader industry.
Binance Labs, the venture capital offshoot of Binance Exchange is deepening its feet in the Decentralized Finance (DeFi) ecosystem with investments into promising projects in the industry. Binance Labs made the investments as a bet into startups that featured in its Incubation Season 6 Campaign.
The Binance Labs Bet
Binance Labs, worth about $10 billion in investable assets invested in a total of 7 projects including Ethena Labs, Derived, Shogun, UXUY, Cellula, NFPrompt, and QnA3. The diversification showcased by these investments shows how much Binance Labs is spreading its tentacles to feature every sector that can drive intriguing growth to the broader blockchain ecosystem in the long term.
Ethena Labs is a synthetic dollar protocol developer aiming to bolster the internet bond. With tokenization of assets becoming increasingly popular, Ethena Labs might be an instant hit in the industry today. Derivio is a zkSync-based decentralized derivatives exchange. With the goal to bring enhanced scalability and low cost to the DEX world, Derivio hopes to make a true difference as a beneficiary of Binance Labs’ investment.
Shogun describes itself as an intent-centric DeFi engine that can help traders maximize extractable value. The UXUY protocol is also another decentralized exchange platform, a showcase of the growing demand for the DeFi alternative to centralized trading platforms.
The diversity in the Binance Labs cash injection also extended to Cellulia, a life simulation strategy game, NFPrompt, an Artificial Intelligence-powered user generated content outlet and QnA3, a learning platform powered by AI.
Binance Labs is strategic in its investments and as Crypto News Flash had earlier detailed, the venture capital outlet also invested in Babylon, a protocol that allows users to stake Bitcoin on proof-of-stake blockchains and earn yield without surrendering their BTC to third-party custodians.
Babylon was backed by Binance Labs for its multiple functionalities including granting Proof-of-Stake (PoS) protocols like Cardano (ADA) and Ethereum (ETH) enhanced security while ensuring that Bitcoin holders gain enhanced utility and profitability.
Positioning for the Future of Web3
Binance Labs’s strategic investments are coming at a time when the broader digital currency ecosystem is fully in its bull cycle. Fueled by Bitcoin (BTC), the premier digital currency which soared to a new All-Time High (ATH) above $70,000, stirring a call for a ride to $200,000 by SkyBridge Capital Founder Anthony Scaramucci in accordance with Crypto News Flash’s prior coverage.
With the launch of the spot Bitcoin ETF in January, there is now a bigger focus on the digital currency ecosystem by institutional investors. This, according to market observers, has created a new opportunity for infrastructure providers in the industry. With the funding from Binance Labs, the 7 newly funded projects can build for the future in readiness for the massive influx of new users into the industry.
