Binance has invested in the STEPN project
The funds will be used to attract new users and improve the app’s functionality
07.04.2022 - 07:30
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What’s new? Binance Labs Fund, the venture capital arm of the Binance cryptocurrency exchange, has announced its strategic investments in STEPN, a web3 application. The total amount invested in the project is not disclosed.
What is known about the STEPN project? STEPN is a move-and-earn app with GameFi and SocialFi elements. After downloading the app, users need to buy virtual NFT sneakers. Over the past few months, the developer company of STEPN has grown by 100 times.
When performing physical activity (walking, running), users are rewarded with game tokens. The investment from Binance Labs Fund will go towards further developing the app and growing the STEPN community.
“We believe that gamification of exercise can bring more people into the industry, accelerating the mass adoption of crypto and blockchain technology,” Bill Qian, head of Binance Labs reported.
How did the GMT price react? Following the announcement of the investment, the value of the STEPN governance token, GMT, increased by 20%, reaching $2,7. As of the morning of April 7, the price dropped to $2,23. At the time the token was added to Binance in March 2022, it could be bought for $0,15.
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