Binance Labs Invests Additional $5M in Metaverse Developer Ultiverse

Binance Venture Capital has invested $5M in Ultiverse, a startup focused on developing the Web3 social gaming metaverse based on the BNB Chain network.

Binance Labs partnered with DeFiance Capital last week to lead Ultiverse’s $4.5 million seed funding round with Three Arrows Capital and SkyVision Capital. The fundraising took place in the form of a token sale of the Ultiverse MXS control token.

The startup then said they would direct the funding to “product development, attract the best specialists and further grow the community.”

The company employs about 100 people. The first game is supposed to be the Play-to-Earn MMORPG Endless Loop, whose full launch is scheduled for Q1 2023.