Binance Scales Ultiverse Up With $5 Million Investment
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Binance Invests $5 Million In Ultiverse.
Binance opens a new region in Dubai after approval.
This investment was done together with DeFiance Capital which co-led the raise, alongside Three Arrows Capital and SkyVision Capital.
The Binance community keeps leading the crypto space with promising strides as it proves time and time again how its commitment to cryptocurrency remains 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 earlier this year.
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.
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The Spur of the new investment however spiked some comments from key members of the Binance team which includes Nicole and Gwendolyn. 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 such that it has some shares with regard to the team’s future path. Currently, over 100 employees work for the Ultiverse’s games under the leadership of CEO Frank Ma.
On the other hand, Gwendolyn Regina, Investment Director at BNB Chain Fund remarkably said:
“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.”
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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 that BNB Chain is the only ecosystem capable of supporting gaming projects at scale.
With the recurring strides, the company keeps making, a recent post 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 proceeded after conceding the fact that Dubai adopted its first law governing virtual assets 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.”
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