Binance’s investment arm is investing an additional $5 million on the Ultiverse a week after investing approximately $4.5 million seed in the metaverse game business.
$5 Million Extra Investment
Binance Laboratory, the cryptocurrency exchange’s venture financing and incubation arm disclosed its inaugural investment in the game startup on the 18th of March in a blog article. This first $4.5 million financing was accomplished through the sale of MXS, the token on Ultiverse. The funding was co-led by DeFiance Capital and Three Arrows Ventures, with participation from SkyVision Capital.
However, Binance has agreed to invest an additional $5 million in the gaming company’s shares, as noted by the firms. Nicole Zhang, a director at Binance Lab, stated that the extra investment was undertaken to guarantee that the organizations are “connected in such a manner that we have control over the team’s prospective route.”
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BNB Chain Will Be Used To Create A Gaming Metaverse
Binance Labs indicated following the announcement of the inaugural seed round that the funds will be used to construct a digital gaming metaverse using BNB Chain. The blockchain of Binance is BNB Chain– a network which, following a rebranding in February, was designed for the types of large-scale apps found in video games and virtual world projects. Furthermore, Zhang asserted that BNB Chain is perhaps the only network that can sustain large-scale gaming enterprises.
“Once you reach a certain level, you collapse the whole blockchain,” she warned about video games based on blockchain. “At the moment, only our blockchain has such capability.”
Zhang stated that the Binance exchange is fully acquainted with these capacity constraints. She cited Cryptoblades and BinaryX as illustrations of video games that have garnered substantial interest and wreaked havoc on the company’s blockchain right from time and noted that the cryptocurrency giant just added more means to handle similar situations.
“At the moment, we are quite prepared. “We possess the capability,” Zhang stated.
Over 100 employees are now operating on Ultiverse’s videogames, which Frank Ma, a businessman, oversees. Endless Loop, the firm’s first game, would be a 3-dimensional multiplayer online role-playing game that will feature a play-to-earn system. It is scheduled to be fully launched in its entirety in Q1 of 2023.
Binance is gradually delving into the gaming world with its Ultiverse partnership. The exchange firm that is undoubtedly the most used crypto exchange in the crypto community is investing funds in other gainful endeavors. The gaming industry promises to be very profitable in the metaverse, with companies such as Roblox and Fortnite currently raking in millions of dollars every year.
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