Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, Binance, has been actively investing in various cryptocurrency startups, contributing to the growth and development of the digital asset ecosystem.
Among its portfolio companies is $GMT, the native token of the FSL ecosystem.
Recent on-chain reports from Spotonchain shed light on Binance Labs’ investment activities.
Wallet 0x2e5, believed to be associated with Binance Labs, deposited a significant amount of 9.33 million GMT tokens to Binance, valued at $3.14 million at an average price of $0.337.
Wallet 0x2e5 (likely @BinanceLabs) deposited 9.33M $GMT ($3.14M) to #Binance 9 hrs ago.
Binance Labs, a strategic investor in @Stepnofficial, has allegedly vested 37.1M $GMT since Jul 2023 at ~$0.24 then deposited 28.1M $GMT to Binance at ~$0.23.
Now holds 9M $GMT ($3.04M).… pic.twitter.com/palgEKVwCt
— Spot On Chain (@spotonchain) April 2, 2024
One notable investment by Binance Labs is in StepN, where the venture capital firm has reportedly vested 37.08 million GMT tokens at an average price of $0.241 since July 10, 2023.
Subsequently, Binance Labs deposited 28.08 million GMT tokens to Binance at an average price of $0.229, amounting to $6.42 million.
Binance Labs Still Holds 9 Million GMT Tokens
As of now, Binance Labs still retains a holding of 9 million GMT tokens, valued at $3.01 million.
However, despite Binance Labs’ strategic investments, the price of GMT experienced a decline of 10.02% in the past 24 hours.
Binance Labs’ commitment to supporting promising cryptocurrency projects reflects its dedication to fostering innovation and growth within the digital asset space.
Through strategic investments and partnerships, Binance Labs continues to play a pivotal role in shaping the future of blockchain technology and decentralized finance.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.