- Binance introduces EduFi to educate users about the blockchain sector.
- Binance doubles down on Ultiverse with a fresh $5 million investment.
Binance, the world’s largest cryptocurrency exchange by volume, has announced introducing a new initiative called EduFi. Users stand to earn crypto through the program while studying important blockchain sectors.
Binance Academy introduces EduFi
Binance Academy, the cryptocurrency exchange’s crypto/blockchain learning arm, has introduced its new EduFi program. As programmed, users can earn crypto by completing various educational activities, including reading articles, watching video lectures, and taking tests focused on the blockchain sector.
Users stand to earn tokens depending on their actions within the established $600,000 prize pool. The exchange will announce the rounds that follow at a later date. The Academy promises to expand its Learn and Earn Program by including high-quality projects and industry partners from various disciplines.
Changpeng Zhao (CZ), its CEO, stated: “Crypto is changing the world. We’ve already seen GameFi, where people earn from playing games, and now we have created Binance EduFi, where people can earn while they learn. We want to give our users the best tools to improve their understanding of blockchain technology and cryptocurrency projects to make more informed investment decisions.”
Jack Tan, CEO of WOO Network, said: “Education is at the top of every product’s user funnel, bringing awareness and traffic to an application. On the user side, Binance Learn and Earn will help users get more value from products and investments, making this an important two-way relationship that can drive growth for the industry.”
Binance Labs focuses on Ultiverse
Binance’s venture arm is investing another $5 million in the metaverse gaming start-up, one week after putting up a $4.5 million seed investment in Ultiverse. On March 18, 2022, Binance Labs, the venture capital arm and innovation incubator of Binance, announced a successful seed round for Ultiverse. The platform will use the fund to create a Web3 social gaming metaverse with the support of the BNB Chain.
DeFiance Capital was the lead investor, followed by Three Arrows Capital and SkyVision Capital. The company’s governance token, MXS, was sold as part of this $4.5 million debut. The money will develop the product, attract top talent, and accelerate the community’s expansion.
Through Ultiverse, the exchange expects to release the first AAA blockchain on its network, which will connect web3 with a VR-compatible virtual world. As a MetaFi for ecosystems, Ultiverse’s tokenomics encourages mutually beneficial partnerships between players who may profit from developing the community.
According to both companies, Binance Labs has agreed to invest an additional $5 million in the equity of Ultiverse. According to Nicole Zhang, director at Binance Labs, the new investment was made to ensure that the firms are “bonded so that we have some sort of a say in terms of the team’s future path.”
According to reports, more than 100 people are currently working on Ultiverse’s games under the direction of CEO Frank Ma, an entrepreneur. The game Endless Loop will be a 3D massively multiplayer online role-playing game (MMORPG) with play-to-earn features, and it will go live in the first quarter of 2023.