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Binance Labs Participates in the Private Round of SPACE

2022-01-18

Binance Labs, the venture capital and innovation incubator of Binance, announced its investment in the private round of SPACE, a commerce metaverse. Fund secured from the private round will be used to accelerate the product development, hire talents and continue growing the community.

As a metaverse project, SPACE allows users to design their own virtual commerce spaces for gaming, arts, fashion, music, and more. SPACE allows users to experience social commerce in a virtual world. 

“As the metaverse continues to gain mass adoption and becomes a place where a lot of people meet up to socialize, a natural evolution is commerce, which is what SPACE is focused on. Users will want to be able to view shows, buy items, sell items, and engage with digital goods within the metaverse. Space is building the Shopify for the metaverse to enable creators to sell their digital items in a turn-key fashion and allowing users to purchase it” said Batis Samadian, Founder of SPACE.

Bill Chin, Head of Binance Labs Fund, said “Space has impressive growth and product delivery trajectory. Also, the team has a capability to adopt the product quickly to the market. We believe Space is building one of the key pieces of metaverse infrastructure, bringing the offline commerce into the metaverse.”

With a focus on capturing the Arts Industry, SPACE has already accumulated more than 100 brand partnerships. Also, the team has launched an early access alpha to 15,000 users, as well as attracted significant talent from top gaming, e-commerce and crypto projects. The team plans to roll out an iOS and Oculus application in 2022.

Animoca Brands, Digital Currency Group, Coinfund, Republic Realm, Hof Capital, Polygon Fund, and more also invested in the private round of SPACE.