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TL analysis; DR
- Binance introduces a learning and earning program called EduFi to educate users about the blockchain field.
- Binance doubles down on competitive gaming platform Ultiverse with a new $5 million investment.
Binance, the world’s largest cryptocurrency exchange by volume, has announced the introduction of a new initiative called EduFi. Through the program, users can earn cryptocurrency while researching important blockchain areas.
Binance Academy Introduces EduFi
Binance Academy, the crypto/blockchain learning arm of the cryptocurrency exchange, has introduced its new EduFi program. As programmed, users can earn cryptocurrency by completing a variety of educational activities, including reading articles, watching lecture videos, and taking blockchain-focused tests.
Users can earn tokens depending on their actions in an established $600,000 prize pool. The exchange will announce the next round of matches. The Academy promises to expand the Learn and Earn Program by including high-quality projects and industry partners from a variety of fields.
Changpeng Zhao (CZ), its CEO, stated: “Cryptocurrency is changing the world. We have seen GameFi where people earn money from playing games and now we have created Binance EduFi where people can earn while learning. We want to give our users the best tools to enhance their understanding of blockchain technology and cryptocurrency projects, so that they can 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 app. On the user side, Binance Learn and Earn will help users get more value from products and investments, making it 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 gaming startup metaverse, a week after investing $4.5 million 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 funds to create a Web3 gaming social network with the support of the BNB Chain.
DeFiance Capital is the main investor, followed by Three Arrows Capital and SkyVision Capital. The company’s governance token, MXS, was sold as part of this $4.5 million launch. The funds will be used to develop products, attract top talent, and accelerate community expansion.
Through Ultiverse, the exchange is expected to release the first AAA blockchain on its network, which will connect web3 to a VR-compatible virtual world. As an Ecosystem MetaFi, Ultiverse’s tokenomics encourages mutually beneficial partnerships between players who can benefit from community growth.
According to both companies, Binance Labs has agreed to invest an additional $5 million in Ultiverse equity. According to Nicole Zhang, director at Binance Labs, the new investment is made to ensure that the companies “align in such a way that we have a say in the future path of the team.”
According to reports, more than 100 people are currently working on Ultiverse games under the direction of CEO Frank Ma, an entrepreneur. The Endless Loop game will be a 3D Massively Multiplayer Online Role Playing Game (MMORPG) with play-to-earn features and will launch in the first quarter of 2023.
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