Binance Labs invests in Ethena Labs, NFPromt and Shogun
Binance Labs, the venture capital and incubation arm of Binance, recently announced new investments in three promising startups: Ethena Labs, NFPromt, and Shogun.
Ethena Labs is a cybersecurity company that focuses on data protection and fraud prevention in Web3. Its flagship product, Ethena Verify, is a blockchain-based identity verification solution that helps protect users from identity theft and other online threats.
NFPromt is a blockchain-based social media platform that allows users to create, share and own content in a decentralized manner. The platform offers users more control over their data and greater freedom of expression than traditional social media platforms.
Shogun is a Web3 gaming ecosystem that gives developers the tools and resources needed to create engaging and scalable blockchain games. The platform aims to make Web3 gaming more accessible and mainstream.
Why did Binance invest in these startups?
he three startups have several factors in common that make them attractive to Binance Labs:
- They focus on key growth areas in Web3: cybersecurity, social media and gaming.
- They have strong teams with industry experience.
- They have developed innovative products with the potential to revolutionize their respective industries
Additionally, Binance Labs has a successful track record of investing in promising startups in the cryptocurrency space. in 2023, the investment program was mainly focused on three areas: zero-knowledge technology, Web3 gaming and innovative forms of DeFi.
The Binance Labs 2023 report highlights a return on investment 14 times higher than the initial share, with activity involving 250 projects and 25 countries around the world.
To name a few of these investments: Optimism, LayerZero, Celestia, Aptos, Mysten Labs and Trust Wallet. The companies incubated by Binance Labs include Polygon, SafePal and Injective Labs.
