Binance invests in Ultimate Champions. The project’s token rises by 470% in two days

The Binance Labs team allocated $4 million for the development of the game

16.11.2022 - 08:30

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2 min

What’s new? On November 15, the cryptocurrency exchange Binance published an announcement of a $4 million strategic investment in Ultimate Champions to support innovation in Web 3.0 gaming. Amid this news, the project’s native token called CHAMP rose by almost 470%, from $0,0408 to $0,2321 (Binance’s data).

Announcement on the Binance blog

What is known about the project? Ultimate Champions is a free-to-play sports game platform that will be deployed on the BNB Chain blockchain and landed on the Binance Fan Token Platform. Ultimate Champions provides in-game wallets to simplify the registration process and supports fiat payments for the purchase of CHAMP and non-fungible tokens (NFTs). Players can collect and exchange licensed player cards as NFTs. The platform launched in April 2022 and initially focused on football club management.

Ultimate Champions will use the proceeds to further develop its games, enter into additional sports partnerships and grow its community.

Yi He, co-Founder of the exchange’s venture capital arm, Binance Labs, noted that the world of Web 3.0 gaming is expanding, and his team “is looking for Web3 gaming projects that have missions of providing real entertainment to the users rather than the ones focusing on giving out more opportunities to ‘earn’.”

The Ultimate Champions team works with more than 45 European football clubs in nine leagues, including Arsenal F.C., VfL Wolfsburg, Stade de Reims, and others. All games are synchronized with the calendars of actual sporting events. Ultimate Champions is also known to have partnered with EuroLeague, the leading professional basketball management company in Europe.

In June, Binance Labs invested in the management token of the decentralized exchange PancakeSwap (CAKE). The division representatives noted that PancakeSwap is the largest decentralized application (dApp) on the BNB Chain network, with more than 400 000 daily users. The price of the CAKE token rose by 9,67% in a day.

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