STEPN reports $122.5 million quarterly profit

In the second quarter of 2022, M2E-platform STEPN posted a profit of $122.5 million from app usage fees.

https://t.co/HO9hTEehtx

— STEPN | Public Beta Phase IV (@Stepnofficial) July 12, 2022

Five percent of profits will go toward a GMT token buyback and burn program. The developers also identified several areas where the proceeds would help drive improvements:

• bolster security and expand server capacity to counter DDoS attacks that occurred;
• improvement of the SMAC fraud-prevention system;
• recruitment of new specialists in technical development, engineering, marketing, public relations, distribution, and legal services;
• new partnerships and sponsorships for key sports and entertainment events;
• branding STEPN to build a line of physical goods under the project brand to raise awareness.

Back in June, STEPN ceased serving users from Mainland China.

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