Binance to Launch a New Metaverse Initiative Amid the US Exit Rumor

• Binance Labs is initiating its “first metaverse investment competition” on May 12.
• The show features 12 web3 startups contesting for funds.
• CEO Changpeng Zhao (CZ) is not a part of the show’s judging panel.

Binance Labs, the prime innovator of crypto exchange Binance and BNB Chain, is launching its first web3-centric reality show — “Build The Block” — in Metaverse on May 12.

Build The Block is an integral program of the crypto entity’s Season 5 Incubation Program that began in November 2022. Initially, 900 registrants emerged with their web3 project pitches. This investment competition “Build The Block” is presumably the metaverse version of the famous Shark Tank.

Yi He, Co-founder of Binance and Head of Binance Labs, stated:

“Build The Block is Binance’s latest innovative experiment — creating the industry’s first metaverse investment competition. This program has attracted many entrepreneurs and builders alike to showcase their Web3 projects and we hope a platform like this encourages others to innovate even further.”

Besides Yi He, the metaverse reality show’s judging panel also features Yibo Ling, Chief Business Officer of Binance, Robby Yung, CEO of Animoca Brands, Guy Turner, Co-Founder of Coin Bureau, Azeem Khan, a core member of Crypto Sustainability Coalition at Word Economic Forum (WEF).

Furthermore, the 3D avatars for the show are developed and created by Lifeform, a decentralized identifier (DID) solution provider.

However, the announcement of this new initiative remains insignificant amid the scenarios that the largest crypto exchange is subjected to. Firstly, it was the notable Bitcoin rush hour that led the crypto exchange to pauce BTC withdrawals. Currently, the rumor of Binance US’s exit from the Fed-led markets continues to trend on Twitter.