Binance Labs, the venture capital arm of major cryptocurrency exchange Binance, announced Wednesday that it has made a strategic investment in Web3 lifestyle app STEPN.
Founded by FindSatoshi Lab, STEPN is a web3 ‘move-and-earn app’ which allows users to earn tokens while walking. In January this year, the Solana-based startup raised $5 million in a seed funding round co-led by Sequoia Capital India and Folius Ventures.
— Binance Labs Fund (@BinanceLabs) April 6, 2022
The STEP app claims to offer a built-in wallet, swap, and marketplace, along with unique Game-Fi and Social-Fi elements. Per the press release issued, the company plans to use the funds to develop its app and expand its user base.
Apart from Binance, Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion, and several others participated in the round.
“As the ‘Move-to-Earn’ is taking a part in the Web 3 trend, STEPN is contributing with the fast growth of the users,” Bill Qian, Head of Binance Labs, said in the announcement. “We believe that gamification of exercise can bring more people into the industry, accelerating the mass adoption of crypto and blockchain technology.”
Soon after the announcement, STEPN’s native token GMT soared almost 20%, rising from $2.11 to $2.68 on Wednesday. At press time, the currency was trading at $2.45, up by 9.65% from the previous day.
The investment came as Binance recently revealed plans to build an infrastructure focusing on powering projects in the field of GameFi, SocialFi, the Metaverse, and the overall virtual economy.