Seven firms, including Ethena and Derivio, are selected by Binance Labs during its sixth incubation season

Seven firms have received investments from Binance Labs, the $10 billion venture capital and incubation division of the cryptocurrency exchange Binance, during the program’s sixth season.

The seven startups are: NFPrompt, an AI-powered web3 user-generated content platform; Cellula, an on-chain autonomous life simulation strategy game developer; UXUY, a decentralised exchange trading platform; Ethena Labs, a synthetic dollar protocol developer; Derivio, a zkSync-based decentralised derivatives exchange; and QnA3, an AI-powered web3 knowledge sharing platform. The sums invested in the seven startups were not disclosed.

Out of the 12 firms it initially picked, Binance Labs’ incubation Season 5 invested in five startups last year, including zkPass, Mind Network, and DappOS.

Binance Labs has recently increased its investment activity, backing Bitcoin staking protocol Babylon and Ethereum restaking protocols Renzo and Puffer Finance this year.

Binance Labs, the venture capital division and accelerator of Binance, is currently valued at more than $10 billion. With a return on investment rate of more than 14X, its portfolio consists of 250 projects from more than 25 nations spread over six continents. Our incubation programmes have produced fifty of the firms in Binance Labs’ portfolio.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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