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Binance Labs Makes Strategic Investment in STEPN

2022-04-06

Main Takeaway:

  • Binance Labs announces investment in STEPN by FindSatoshi Lab.

  • STEPN is a web3 move-and-earn app where users can earn for every step they take. With its unique Game-Fi and Social-Fi elements, STEPN has seen 100x growth in the last few months.  

  • STEPN will use the proceeds to help develop its app and further grow the community.

Binance Labs, the venture capital and innovation incubation arm of Binance, is pleased to announce its investment in STEPN, a web3 lifestyle app where users can earn for every step they take. Users equipped with NFT Sneakers can move outdoors to earn tokens. It has unique Game-Fi and Social-Fi elements that keep users engaged and motivated to move outdoors and get rewarded. STEPN has a built-in wallet, swap, marketplace, and many features in-app for easy onboarding of the users. STEPN will use the funds to develop their app and grow the community.

STEPN’s mission is to nudge millions to a healthier lifestyle, connect them to web3 and contribute positively to carbon neutrality. 

To get started, users download the app and buy NFT Sneakers according to their fitness level. They can then earn game tokens by walking, jogging, or running outdoors, which can either be used in-app games or cashed out for profit. There are in-app gamification features such as sneaker leveling, shoe-minting, mystery boxes, NFT customization and social interactions. Users need to strategize their in-app assets in various modes to achieve the best result. 

STEPN has a dual-token system: a game token - Green Satoshi Token (GST) and a governance token - Green Metaverse Token (GMT).  Users burn GMT to access in-app features and stake GMT to participate in governance, such as deciding how much STEPN donates its Treasury profit pool to purchase Carbon Removal Credit on the Blockchain to ensure transparency and immutability. 

Bill Qian, Head of Binance Labs, said, “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.”

Jerry Huang, Co-founder of STEPN, said, “Our community is the mainstay of our growth and seeing them rewarded is our biggest motivation. Currently, a new player can earn good returns by walking/running even for 10 minutes, and a savvy player can earn not only handsome token returns but other NFT rewards every day!

Yawn Rong, Co-Founder of STEPN, added, “Even though we have grown 100x in the last few months, this is only the start of our journey. We have many exciting things in our roadmap such as Multi-chain, Brand partnership and GMT use cases with many exciting projects. Watch the space!”

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