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Binance Venture Capital Announces Strategic Investment in Move-to-Earn STEPN app by Find Satoshi Lab. Project management token (GMT) responded with growth.
What a big day… 😍 Celebrating the new joiner of Binance Labs Family @Stepnofficial — THE BEST of its kind web3 move-and-earn app. Let’s Step up N up!https://t.co/evNkFxrQgx
– Binance Labs Fund (@BinanceLabs) April 6, 2022
The financial details of the deal were not disclosed by Binance Labs.
STEPN encourages users to lead a healthy lifestyle by providing an opportunity to earn in-game tokens (GST) while walking or running outdoors.
To do this, you need to download the application and buy sneakers in the form of NFTs in accordance with your level of physical fitness.
STEPN has a built-in wallet and marketplace, as well as gamification features such as sneaker upgrades and releases, social interaction options, and more. The app is currently in beta.
“Because the Move-to-Earn concept is in the Web 3.0 trend, STEPN is driving user growth. We believe physical activity gamification can bring more people into the industry, accelerating the mass adoption of blockchain technology and cryptocurrencies,” said Bill Qian, CEO of Binance Labs.
According to the report, Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and other investors took part in financing the project.
The STEPN team will use the raised funds to develop the application and the community.
“Despite the fact that in recent months we have grown 100 times, this is only the beginning of the journey. We have a lot of exciting things on the roadmap, including multi-chain integrations, brand partnerships, and new use cases for GMT,” said Yang Rong, co-founder of STEPN.
Against the backdrop of the announcement, the price of GMT rose to around $2.7 — more than 20% (Binance). At the time of writing, the asset is trading at levels near $2.64.
Hourly GMT/USDT chart of the Binance exchange. Data: Trading View.
Recall that in March, Binance Labs invested an additional $5 million in the Ultiverse metaverse developer.
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