HomeNEWSBinance labs invests $4m in Ultimate Champions

Binance labs invests $4m in Ultimate Champions

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The business ventures of popular crypto currency exchange, Binance has announced the investment of $4 million into Ultimate Champions, a web3 game. As revealed in a blog post today, with the investment, Binance intends to support dynamic innovations in the Web3 gaming sphere.

Further, Ultimate Champions is a free-to-play fantasy game that is supported by Binance’s BNB chain. Ultimate Champions has an in-game wallets that aid a seamlessly onboarding. The wallet supports fiat deposit for NFTs collectibles, including it’s token. The game offers players the privilege to own, trade and licenced player cards as NFTs.

Additionally, Ultimate Champions will use the investment to advance it’s games, gain more sports partnerships and build its community. Coming with the recent intervention from Binance, Ultimate Champions partnered with EuroLeague, a leading professional basketball management firm in Europe. With that, the firm is aiming to venture into basketball fantasy in 2023.

Also, Ultimate champions collaborated with more than 45 top football clubs in leading leagues in Europe. Its fantasy initiative is in sync with real-world sporting events calendars, while the real-life performance of each player is rated in virtual ratings. Though fantasy games are gaining prominence in the sporting sphere, only a few had incorporated blockchain into their projects.

Alex Odagiu, Investment Director at Binance Labs has reacted to the initiative. Odagiu said “We see the massive potential that Web3 brings to the way sports clubs, players and their fans connect with each other online. On top of using digital collectibles as a medium for fan engagement, Ultimate Champions supports a player-centric gameplay and a walletless onboarding. We look forward to working with the Ultimate Champions team to bring greater benefits to gamers of all stripes.”

Recent activities of Binance and intervention of it’s Business sphere in the crypto sector

In recent times, Binance has found itself in a controversial position in the cryptocurrency sphere of late. Especially amid the prevailing crisis that FTX is facing. The whole crisis came into the limelight when Binance liquidated its holding of the FTT token. Likewise, Binance’s sudden pullout from the takeover deal of FTX caused the cryptocurrency exchange to search about for solutions.

Similarly, Binance Labs has initiated numerous financial assistance to projects in the industry. Thus, building the profile of the business ventures organ of Binance as a prominent firm in the industry. Recently, Binance CEO, Changpeng Zhao revealed intention to organize an assistance fund through Binance Labs for struggling firms in the industry.

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