Binance’s venture arm invests $5 million in Ultiverse. The startup focuses on developing a Web3 social gaming metaverse built on the BNB Chain network.
Doubling down on best of the best @UltiverseDAO https://t.co/MtCf4vG0PJ
— Binance Labs Fund (@BinanceLabs) March 25, 2022
A week earlier, Binance Labs, together with DeFiance Capital, led a seed round of funding for Ultiverse totaling $4.5 million. Participants included Three Arrows Capital and SkyVision Capital. The fundraising took the form of a token sale of Ultiverse’s governance token, MXS.
The startup said at the time that the funding would be directed toward “product development, attracting top talent, and further community growth.”
The company employs around 100 people. Its first game is expected to be an MMORPG Endless Loop, based on the concept of Play-to-Earn. A full launch is planned for the first quarter of 2023.
“We are excited to develop Ultiverse together with Binance Labs and the BNB Chain ecosystem, as we share a common vision of a Web3 gaming metaverse,” commented the startup’s CEO, Frank Ma.
Earlier, Binance Labs invested in the gaming blockchain project Star Sharks.