Binance Labs announced investment in 7 incubation projects for season 6

Binance Labs, the $10 billion venture capital and incubation unit of the Binance exchange, has announced investments in 7 startup projects from Incubation Program season 6.

Binance Labs' Incubation Program season 6 has ended with 7 out of 12 projects "chosen to deposit gold" by the investment fund. Previously on February 15, Binance Labs announced pre-investment in 3 projects, now (March 8) the fund has announced the remaining 4 projects.

Below is a list of 7 projects selected to be sponsored by Binance Labs, note that the list is arranged in alphabetical order:

·      Cellula strategy game platform

·      Derivatives DEX on zkSync Derivio

·      Stablecoin issuer Ethena Labs

·      AI-powered content platform NFPromp

·      UXUY DEX

·      AI-powered web3 knowledge sharing platform QnA3

·      Shogun DeFi Protocol

Incubation Program season 7 will launch soon, Binance Labs said it is currently looking for potential startups to join the program, adding that the application process “will be open on a rolling basis.”

Binance Labs this year has increased its investment activities, especially favoring liquid staking, including Bitcoin Babylon staking protocol and Ethereum Renzo and Puffer Finance restaking protocols.

Despite challenging market conditions where institutional investor (VC) cash flow into cryptocurrencies in 2023 is down 36% compared to 2022, according to a Messari report, Binance Labs still has a strong year Busy and productive with more than 20 funded projects.