September 27, 2022

STEPN project token up 20% after Binance Labs investment announcement

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Binance Venture Capital has announced a strategic investment in Find Satoshi Lab’s STEPN Move-to-Earn app. The Project Governance Token (GMT) reacted with growth.

The financial details of the deal were not disclosed by Binance Labs.

STEPN encourages users to lead a healthy lifestyle by providing the opportunity to earn in-game tokens (GST) while walking or running outdoors.

To do this, you need to download the application and buy sneakers in the form of NFTs in accordance with your level of physical fitness.

STEPN has a built-in wallet and marketplace, as well as gamification features such as sneaker upgrades and releases, social interaction features, and more. The app is currently in beta.

According to the report, Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and other investors took part in financing the project.

The STEPN team will use the raised funds to develop the application and the community.

Against the backdrop of the announcement, the price of GMT rose to around $2.7 — more than 20% (Binance). At the time of writing, the asset is trading at levels near $2.64.

Recall that in March, Binance Labs invested an additional $5 million in the Ultiverse metaverse developer.

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