Cryptocurrency exchange firm Binance’s venture capital arm and incubator arm Binance Labs and Binance Smart Chain’s $1 billion fund has made an undisclosed investment in metaverse platform SecondLive, bringing the company’s valuation to $30 million.
SecondLive, which is built on the Binance Smart Chain, will use the fresh funds for growth, a statement said. The company builds social networks and allows users to create a digital life on their metaverse using avatars and visiting virtual places like exhibitions and concert rooms. Users can also create and profit from content they create online.
“Through the spaces on SecondLive, users can experience strong social interactions, space sharing and participation in various real-life experiences, allowing them a second, parallel life in SecondLive,” said Gwendolyn Regina, Investment Director of Binance Smart Chain’s Accelerator Fund.
“SecondLive is one of the first projects to receive funding from the $1 Billion Growth Fund. We believe in the long-term potential of metaverse projects.”
Other companies that invested in SecondLive are ArkStream Capital, Bullet Labs, and GBV Capital.
Binance Smart Chain, which launched the $1 billion fund in mid-October, recently invested in decentralized derivatives exchange MCDEX.
Earlier this week, Binance Labs invested in Star Sharks, a metaverse that allows users to create and trade shark NFTs.
