Binance Labs has invested in a free-to-play web3 game project that will launch on BNB Chain. After the investment, the altcoin of the project in question took a leap. Thus, there was a positive movement in the market, which was traded on the red board following the FTX bankruptcy. Here are the details…
Binance invested $4 million
Binance Labs has made a strategic $4 million investment in Ultimate Champions, a free-to-play fantasy sports platform to be deployed on BNB Chain. Ultimate Champions provides in-game wallets to make it easier to get used to the game. Ultimate Champions will use the funds raised to further develop their game, secure additional sports partnerships and grow their community. It supports fiat payments for NFT packages and their tokens. In addition, players collect and exchange officially licensed player cards as NFTs.
Ultimate Champions will be available on the Binance Fan Token Platform. It will allow players to strengthen their fan experience. It will also allow them to interact with their favorite teams. Ultimate Champions has partnered with EuroLeague, a professional basketball management company. Thus, the project will enter the fantasy basketball field next year.
As we have also reported as Kriptokoin.com, Binance’s venture capital arm, Binance Labs, has drawn attention to unknown projects with many investments in the past period. According to the data, it has invested in more than 200 projects from 25 countries since 2018. It also incubated more than 50 Web3-specific projects, including Polygon, Perpetual Protocol, and Dune Analytics. It is currently the largest crypto venture capitalist in the industry, with $7.5 billion in assets under management.
More about Ultimate Champions
Ultimate Champions offers officially licensed digital cards hosted as NFTs. It is completely free to play and reveals a cross-league fantasy sports platform. Players can leverage sports information to win prizes with long-term value in an open economy and to take full ownership of the assets they earn or buy in games. The project introduces itself with the following statements:
Ultimate Champions will continue to create an immersive player experience and will grow to become the fantasy sports platform of choice for all major sports. Its core team witnessed the rise of Blockchain technology and Web3 while developing video games at Ubisoft.
Coin price jumped
The development in question raised the price of the project’s altcoin project CHAMP. The cryptocurrency rose from $0.041 to $0.0901. Thus, it experienced a 121 percent jump in a one-day period. Coin’s 24-hour trading volume rose to $1.66 million. It is worth noting that the coin is not currently listed on Binance.
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