Binance Venture Capital Announces Its Strategic Investment Move to Win STEPN app from Find Satoshi Lab. Project management token (GMT) responded with growth.

What a great day… 😍 Celebrating the new member of the Binance Labs Family @stepnofficial — The best-of-breed web3 move and win app. N let’s go up!https://t.co/evNkFxrQgx

— Binance Labs Fund (@BinanceLabs) April 6, 2022

Financial details of the deal were not disclosed by Binance Labs.

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

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

STEPN has a built-in wallet and grocery store, as well as gamification features like sneaker upgrades and releases, social interaction features, and more. The application is currently in beta.

“As the Carry-Win concept is in the Web 3.0 trend, STEPN is driving user growth. “We believe that physical activity gamification will bring more people into the industry and accelerate mass adoption of blockchain technology and cryptocurrencies,” said Bill Qian, CEO of Binance Labs.

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

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

“Although we have grown 100 times in recent months, this is only the beginning of the journey. “There are many exciting things on the roadmap, including multi-chain integrations, brand partnerships and new use cases for GMT,” said Yang Rong, co-founder of STEPN.

In the background of the announcement, the price of GMT rose to about $2.7 – more than 20% (Binance). At the time of writing, the asset is trading around $2.64.

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