Binance Labs Invests in STEPN by FindSatoshi Lab On April 6th, 2022

According to an announcement on Binance just now, Binance Labs has invested in STEPN by FindSatoshi Lab, and they will use this opportunity to help develop its app and further grow the community.

Binance’s startup financing and innovation incubation arm, FindSatoshi Labs is proud to announce its investment in STEPN, a web3 lifestyle app that allows users to earn money for every step they take, they’re the creators of this new revolution in the Crypto World with Move to Earn.

Users with NFT Sneakers can go outside to earn their native tokens. It offers unique Game-Fi and Social-Fi aspects that keep users interested and inspired to move outside and get rewarded. STEPN has a built-in wallet, swap, marketplace, and many features in-app for easy onboarding of the users. It will use the funds to develop its app and grow the community.

The goal of STEPN is to encourage millions of people to live healthier lifestyles, connect them to web3, and contribute positively to carbon neutrality. To start, users download the app and purchase NFT Sneakers based on their fitness level. They can then earn game tokens by walking, jogging, or running outside, which they can then spend in-app or sell out for profit.

Sneaker levels, shoe-minting, mystery boxes, NFT customisation, and social interactions are among the in-app gamification aspects. To achieve the best results, users must strategize their in-app assets in different modes.

STEPN has a dual-token system, with a gaming token called Green Satoshi Token (GST) and a governance token called Green Metaverse Token (GMT). Users stake GMT to participate in governance, such as deciding how much STEPN gives from its Treasury earnings pool to purchase Carbon Removal Credit on the Blockchain to guarantee transparency and immutability.

With a 100x growth in the last few months and a unique combination between Game-Fi and Social-Fi elements. STEPN has caught Binance Labs’ Attention:

”As the ‘Move-to-Earn’ is taking a part in the Web 3 trend, STEPN is contributing with the fast growth of the users. We believe that gamification of exercise can bring more people into the industry, accelerating the mass adoption of crypto and blockchain technology.”

Bill Qian, Head of Binance Labs

Other investors include Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and many others.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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