Binance Announces New Metaverse Initiative Amid Rumors of US Exit

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  • Binance Labs is starting its first competition for investing in metaverse projects on May 12th.
  • The event includes 12 web3 startups competing for investment funds.
  • CEO Changpeng Zhao (CZ) is not among the judges for the show.

Binance Labs, the team behind the popular crypto exchange Binance and BNB Chain, is introducing a new reality show called “Build The Block” in the Metaverse on May 12.

Build The Block is an important part of Binance’s Season 5 Incubation Program, which started in November 2022. Over 900 participants submitted their web3 project ideas during the registration process. This investment competition, “Build The Block,” is like a metaverse version of the popular TV show Shark Tank.

Yi He, one of the people who helped start Binance and leads Binance Labs, said:

“Build The Block is a new and innovative initiative by Binance, where we are hosting the first-ever investment competition focused on the metaverse. This program has attracted numerous entrepreneurs and creators who are eager to showcase their Web3 projects. We believe that by providing a platform like this, we can inspire others to push the boundaries of innovation even further.”

In addition to Yi He, the judging panel of the metaverse reality show includes Yibo Ling, Binance’s Chief Business Officer, Robby Yung, CEO of Animoca Brands, Guy Turner, Co-Founder of Coin Bureau, and Azeem Khan, a key member of the Crypto Sustainability Coalition at the World Economic Forum (WEF).

Moreover, the 3D characters for the show are designed and brought to life by Lifeform, a company that specializes in creating digital identities and avatars using decentralized technology.

However, amidst the ongoing developments surrounding the largest cryptocurrency exchange, Binance, the recent announcement of their new initiative seems less significant. Firstly, there was a significant increase in Bitcoin trading activity, leading to temporary suspension of Bitcoin withdrawals from the exchange. Additionally, rumors about Binance US potentially withdrawing from the US markets, under the supervision of the Federal Reserve, are currently circulating on Twitter.

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