Binance to open an office in the metaverse

Popular cryptocurrency exchange, Binance.US, is building space in Portals, a metaverse platform built on the Solana blockchain. Portals is a metaverse platform that allows users to explore buildings and interactive rooms in a dense urban setting.

Chris Lund, Portals’ head of community and partnerships, verified this to CoinDesk through Twitter. “Binance.US is gaining a presence in Portals Downtown with a focus on virtual delivery of the latest news, charts, and events,” he said.

He also mentioned that FTX.US, the American arm of crypto exchange FTX, will open a branch in Portals.

Binance.US spokesperson said the virtual buildout is meant to be a gathering place for exchange users

Binance. The virtual buildout, according to US spokesperson Zachary Tindall, is intended to be a gathering area for exchange users. “We are establishing a venue in the metaverse for the Binance.US community to come together,” he said in an email to CoinDesk. It’s the first of many forward-thinking initiatives we’ll take as we expand and reach out to our community in new settings.”



What you should know

Metaverses are a type of virtual environment in which individuals may interact in the same way they do in the real world, but on a digital level.

Many businesses have rushed into open metaverses like The Sandbox and Decentraland, which are both based on Ethereum. Portals, which is based on the high-speed Solana blockchain rather than the Ethereum blockchain. Appears to be an early favorite among investors.

Chris Lund also indicated that Solana-based projects such as Raydium, Magic Eden, Audius, Bonfida, and others will have a presence in the Portals metaverse, according to CoinDesk.

Traditional companies have also begun to turn their attention towards the metaverse

Traditional businesses are also becoming more interested in the notion of a metaverse. Many firms, like Walmart and Nike, are apparently constructing metaverses to cater to their business niches since social media behemoth Facebook underwent a significant redesign and became Meta in a larger effort to lead metaverse-based apps.

Samsung, the multinational electronics giant, has opened a metaverse counterpart of its Samsung 837 site in New York City in Decentraland. The pop-up location, dubbed “Samsung 837X,” contained quests that led to exclusive NFTs and live mixed-reality events.

Since many firms have purchased digital lands in various metaverses. 2022 looks to be the year that metaverses garner a lot of attention on the cryptocurrency market. For instance, in the previous 30 days, Decentraland has witnessed the largest NFT land transaction, with a plot of 116 pieces of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.