Binance to build a metaverse and deploy zk-SNARK-based solutions

The cryptocurrency exchange Binance outlined plans for 2023, including the development of solutions to ensure transparency in the platform’s operations and the creation of a metaverse. This is reported in the the company’s blog.

According to Mayur Kamath, head of Binance’s product department, developers will continue to refine the concept launched at the end of 2022 Proof-of-Reserves. They are now preparing the release of several products based on zk-SNARK to implement a Proof-of-Solvency mechanism. It will enable the exchange’s solvency to be verified.

Binance also plans to reach 1 billion verified users by optimising the KYC-procedures.

At the same time, the platform is exploring the possibility of creating its own metaverse. Binance’s CEO Changpeng Zhao did not disclose details of the project, but said it would definitely run on Binance Coin.

“But since we are not yet building games and we do not have a game-design team, the exchange is more open to investments in other virtual-reality projects or metaverse games,” Zhao clarified.

Similar investments are planned in the DeFi segment as well.

Binance will continue to engage with regulators in various jurisdictions to comply with their requirements and optimise the user experience.

In December 2021, the Binance Smart Chain ecosystem development fund, with a capital of $1 billion invested in the crypto-gaming platform Crypto Gaming United.