TLDR:
- Binance Labs has become an independent venture capital arm, with a portfolio worth over $10 billion.
- They are now looking to invest in more Web3 projects through their Season 7 Incubation program.
Binance Labs, the venture capital arm of Binance exchange, has recently announced its independence from the exchange, becoming an independent entity with a portfolio worth over $10 billion. The arm is focused on investing in early-stage Web3 projects and offers support such as mentorship and access to resources within the wider Binance ecosystem. Founders can apply for funding through the Binance Labs Season 7 Incubation program until April 15, 2024.
Binance Labs aims to support promising early-stage founders across various sectors in the Web3 ecosystem. The previous round of investments, Season 6, saw only seven projects receive funding out of hundreds of applicants. Notable projects included Ethena Labs, which became the highest-earning DApp with its USDe synthetic dollar offering a 60.9% yield to over 53,000 users.
Despite concerns over the high yield offered by USDe, Ethena Labs founder Guy Young has clarified that the yield is generated through staking returns and shorting Ether perpetual future contracts. The project currently holds over $1.1 billion in total value locked, showcasing its success within the Web3 ecosystem.
