Binance Labs Invests in Solana-Based Fitness Platform
Highlights:
- Binance Labs has backed Moonwalk to promote healthy lifestyles.
- The Solana-based fitness platform will incentivize fitness challenges for users.
- Hack VC, Reciprocal Ventures, Raj Gokal, and Binance Labs participated in the $3.4 million seed round.
Binance Labs, the venture capital arm of the largest crypto exchange by volume, has invested in Moonwalk Fitness. In a recent statement, the company backed the Solana-based platform geared towards promoting healthy lifestyles in users. Users laud the diversification of blockchain projects to solve user-specific issues. According to users across social media spaces, this will increase the global adoption of blockchain and crypto assets.
Moonwalk Gamified Fitness Experience
The app rolls out fitness challenges for users with financial rewards to boost participation. These gamified challenges let users earn crypto assets by hitting a particular number of daily steps. Moonwalk is built on the Solana network onboarding users to the technology. Rewards will be managed by the Solana network while non-crypto users will also benefit from its setup.
The statement added:
“Moonwalk Fitness encourages users to hit daily step goals by staking USDC, SOL, or BONK. To win, users must either meet their crew’s step goal or maintain pace with the leader’s highest completed days. Failing to do so results in forfeiting a portion of their stake, which is then redistributed among the winners.”
The next step for Moonwalk is product development for its IOS and Android applications. The app will incorporate other fitness activities with eyes set on expansion.
Binance & Lead Firms Back the Projects
Moonwalk also got funding from other firms, reflecting its institutional acceptance in the blockchain fitness space. The company raised $3.4 million in a seed funding round led by Hack VC. Other participants in the round include Reciprocal Ventures, Binance Labs, and Raj Gokal, the co-founder of Solana.
We’ve invested in @moonwalkfitness
Moonwalk Fitness is a fitness accountability app on Solana that combines gamification and financial incentives to promote healthier lifestyles.
Read more👇https://t.co/zxZjqrV12h
— Binance Labs Fund (@BinanceLabs) October 24, 2024
A key factor that drew large support is the offerings for friends and family. Users have the option to challenge friends, family, and strangers to daily targets. A user can set up the challenge and specify the duration alongside the goal and what each player deposits to participate.
Team Stresses Innovation and Growth
According to Max Coniglio, the investment director at Binance Labs, the platform will not only promote fitness and healthy lifestyles but also portray how blockchain technology can be used to solve real-world challenges. The company stressed its commitment to funding more web3-based projects expanding its base. Meanwhile, Moonwalk Fitness lauded Binance for their contribution to the project adding that it’s a good step to increase acceptance of Solana and blockchains.
David Pokima
David is a finance journalist with keen interest in blockchain technology and the stock market. His strengths lie in breaking news in the crypto market as well as emerging technologies. With four years experience in the space, David has reported across several areas including regulation and legal frameworks, blockchain developments, on-chain analytics, stocks, etc. He bagged a Bachelor of Laws from Rivers State University and outside web3, David enjoys polo, golf and cycling.
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