Binance invests in STEPN
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The venture capital arm of Binance announced a strategic investment in Find Satoshi Lab's Move-to-Earn project, the STEPN app. The project's management token (GMT) reacted to the news with the largest increase in its history.
Financial details of the deal were not disclosed by Binance Labs.
As a reminder, the STEPN app encourages users to adopt a healthy lifestyle by providing the opportunity to earn game tokens (GST) by walking or engaging in physical activity outdoors.
To do so, you need to download the app and buy NFT trainers according to your fitness level.
STEPN has its own cryptocurrency wallet and shop, as well as in-game elements such as pumping and releasing trainers, social interaction features and more. The app is available on Android and iOS smartphones. You can read a detailed review on the app in our article.
As the Move-to-Earn concept is in the trend of Web 3.0, STEPN is driving user growth. We believe that gamification of physical activity can attract more people to the industry, accelerating the mass adoption of blockchain technology and cryptocurrencies, said Binance Labs head Bill Qian.
Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and other investors have also reportedly participated in funding the project.
The STEPN team plans to use the funds to develop the app and the community.
Even though we've grown 100 times in the last few months, this is just the beginning of the journey. We have a lot of exciting things on the roadmap, including integrating multiple networks, partnerships with brands and new uses for GMT, said STEPN co-founder Yang Rong.
On the back of the investment announcement from Binance, the price of the GMT token rose to around £2.0739 — up more than 20%. At the time of writing, the token stood at £2.03.