Binance explores the possibility of creating its own metaverse


Binance, the cryptocurrency exchange platform, has revealed its plans for 2023, which include developing site transparency solutions as well as building a metaverse. 

Mayur Kamat, head of product at Binance, said developers would still be working on improving the idea of Proof-of-Reserves, which was originally revealed in late 2022. They plan to launch several products based on zk-SNARK, which will function as a Proof-of-Solvency system and ensure the solvency of the exchange.

Binance aims to reach the 1 billion verified users mark by simplifying the KYC process. Changpeng Zhao, executive director of Binance, is considering creating an entire metaverse dedicated to their platform. He has not yet disclosed any details, but noted that BNB "will definitely be involved". However, since they do not yet have a team of game creators and no games in the metaverse, he said they are open to investing in other virtual reality projects or games. This also applies to investments in DeFi. Finally, Changpeng Zhao mentioned that the exchange will continue to work with Regulatory Authorities in various jurisdictions to meet their requirements while optimising the user experience. 

In December 2021, smart-chain ecosystem Binance invested $1bn in crypto-gaming platform Crypto Gaming United.

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