Binance Labs, the innovation and venture capital arm of digital exchange Binance, confirmed today that the company has led the seed round of Ultiverse. Through the recent investment, Binance Labs is planning to enhance Metaverse offerings in the BNB chain ecosystem.
Ultiverse mentioned that the company will utilize the funds to develop the product, attract top talent and facilitate the growth of the community. Additionally, the seed investment will facilitate Ultiverse to expand its operations.
Binance Labs has increased its investments in the emerging blockchain and crypto companies significantly over the past few months. In December 2021, Binance Labs led Multichain’s $60 million funding round.
Frank Ma, the CEO of Ultiverse, said: “We’re excited to grow Ultiverse along with Binance Labs and BNB Chain ecosystem, as we share a common vision of Web3 gaming metaverse. I am confident that Ultiverse will be the proof-of-concept that both Web3 and gamers have been clamoring for. We’ll do this by providing intricate virtual worlds and, more importantly, ways in which these worlds can be interacted with and affected in a truly collaborative way.”
Seed Round
In addition to Binance Labs, the latest seed round was co-led by Defiance Capital. Other investors include Three Arrows Capital and SkyVision Capital. Ultiverse is working on connecting web3 with a VR-compatible virtual world that will be home to the first AAA blockchain game.
“Blockchain games are still in their infancy. The first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need. Thus BNB Chain is more than pleased to support projects like Ultiverse to unlock the full potential of Gamefi," Gwendolyn Regina, the Investment Director at BNB Chain Fund, commented on the recent investment.
In January 2022, gaming platform Nine Chronicles received investment from Binance Labs to expand its team.
