Binance Labs Co-Leads Ultiverse Seed Funding Round

Binance Labs, the venture capital arm of Binance cryptocurrency exchange has co-led the seed funding for Ultiverse, a blockchain startup looking to build a Web3 social gaming metaverse with BNB Chain together. DeFiance Capital co-led the seed funding with participation from other investors including Three Arrows Capital and SkyVision Capital. 

As announced by Binance Labs, the seed funding will be used by the startup to hire more talents, develop its product, and strategically chart a new course that will help grow its community and ecosystem.

“We’re excited to grow Ultiverse along with Binance Labs and BNB Chain ecosystem, as we share a common vision of Web3 gaming metaverse,” said Frank Ma, the Chief Executive Officer of Ultiverse, “I am confident that Ultiverse will be the proof-of-concept that both Web3 and gamers have been clamoring for. We’ll do this by providing intricate virtual worlds and, more importantly, ways in which these worlds can be interacted with and affected in a truly collaborative way.” 

The Ultiverse Gaming Advantage

The core focus for Ultiverse is in building a native gaming platform that can connect Web3 with a VR-compatible virtual world that will be home to the first AAA blockchain game.

The startup plans to launch its platform alongside its flagship 3D MMORPG Play-To-Earn title with a realistic ecosystem, in which different roles of players are able to interact with each other. The design of the Ultiverse platform will enable players to import their Non-Fungible Tokens (NFTs) from various platforms for use in its metaverse.

“Blockchain games are still in their infancy. The first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need. Thus BNB Chain is more than pleased to support projects like Ultiverse to unlock the full potential of Gamefi.” said Gwendolyn Regina, Investment Director at BNB Chain Fund. 

Blockchain gaming is fast becoming commonplace amongst developers today as many protocols gear up to be a part of the next phase of innovation capable of ushering in the next wave of users into the blockchain ecosystem. With Ultiverse like other gaming protocols, robust tokenomics have been developed that will make contributors to the gaming ecosystem cart away with some rewards.