This is Why Binance Invested in These 3 Crypto Platforms

Binance, through its venture capital arm Binance Labs, has made notable investments in three innovative platforms – Ethena Labs, NFPrompt, and ShogunFi.

Binance Labs has kickstarted its first batch of Season 6 Incubation by supporting three crypto projects.

Why Binance Chose These 3 Projects

Ethena Labs is notable for its innovative stablecoin approach. It converts Ethereum (ETH) into a yield-bearing stablecoin, independent of traditional banks, which sets a new crypto stability and utility standard, making stablecoins more attractive. Indeed, it enhances the Ethereum ecosystem with versatile financial instruments.

NFPrompt, on the other hand, is transforming Web3 content creation. This AI-driven platform caters to digital creators, supporting NFTs and inscriptions. Additionally, it provides AI creation tools, community engagement, and monetization options.

Finally, ShogunFi’s launch of an intent-centric protocol focuses on enhancing trader extractable value (TEV). It uses sophisticated order flow management and chain abstraction. This investment reflects Binance’s commitment to bettering the trading experience.

“To kick-off Season 6 of The Binance Labs Incubation Program, Binance Labs hosted a founder-focused meet up during EthCC Paris in July for program alumni, portfolio founders and founders interested in the program to network and meet the Binance Labs Investment team,” Binance Labs wrote.

Read more: How To Fund Innovation: A Guide to Web3 Grants.

Binance Labs, with its impressive track record of a 14x return on investment across 250 projects in 25 countries, has established itself as a pivotal player in nurturing the Web3 ecosystem.

The venture capital and incubation arm of Binance is known for its chain-agnostic and stage-agnostic investment approach, focusing on early-stage projects with the potential to shape the future of Web3. In 2023, despite a downturn in the crypto market, Binance Labs continued making over 25 investments, particularly in infrastructure, DeFi, and Web3 gaming.