Binance Doubles Down on Ultiverse

Binance bnb ultiverse

Bob Coiney

March 25, 2022

The Binance community keeps leading the cryptoverse without fail as it proves time and time again how its commitment to Cryptocurrency will remain unalloyed. This has inevitably helped retain its position as the number one Cryptocurrency exchange, globally. One week after leading a $4.5 million seed investment in Ultiverse, Binance’s venture arm is betting another $5 million on the metaverse gaming startup. Binance Labs, the crypto exchange’s venture capital and incubation unit, announced its initial investment in Ultiverse in a blog post published on March 18.

This investment was done together with DeFiance Capital which co-led the raise, alongside  Three Arrows Capital and SkyVision Capital which also invested. This initial $4.5 million raise took the form of a sale of Ultiverse’s governance token MXS. The startup’s first game, Endless Loop – slated for a full launch in the first quarter of 2023 will be a 3D massively multiplayer online role-playing game (MMORPG) with play-to-earn functionality. 

From Nicole Zhang & Gwendolyn Regina 

The Spur of the new investment however spiked some comments from key members of the Binance team which includes Nicole and Gwendolyn as stated below. According to Nicole Zhang, director at Binance Labs, he reported to The Block that the additional investment was made to ensure the firms are bonded in a way that it has some sort of say in terms of the team’s future path. As it stands, there are above 100 employees working on the Ultiverse’s games under the leadership of CEO Frank Ma.

On the other hand, here’s what’s Gwendolyn Regina, Investment Director at BNB Chain Fund

has to say:  “Blockchain games are still in their infancy. The first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need. Thus BNB Chain is more than pleased to support projects like Ultiverse to unlock the full potential of Gamefi.” 

BNB Chain Bound

Going further, after the initial seed round was announced, Binance Labs stated that the proceeds would go towards building a social gaming metaverse with BNB Chain. BNB Chain is Binance’s blockchain, a network that, after a rebrand in February, has been built for the kind of large-scale applications offered by gaming and metaverse projects. The PR also disclosed that Zhang claimed BNB Chain is the only ecosystem capable of supporting gaming projects at scale.

New Destination: Dubai

With the vast feats, the company keeps making, in a recent development, reported that Binance, the world’s largest cryptocurrency exchange by trading volume, said it had obtained a license from Dubai’s Virtual Asset Regulatory Authority (VARA) to carry out some business operations in the region.

Binance received the greenlight as Dubai adopted its first law governing virtual assets last week and formed VARA as a market regulator to oversee the sector.

In a statement, the leading exchange said, “the exchange will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively to open access to the retail market.”