Binance’s Investment Arm Announces New Altcoin Project It Has Invested In, Leading to a Sudden Price Surge

YZi Labs (formerly Binance Labs), the investment arm of cryptocurrency exchange Binance, has announced that it has invested in MEET48, a decentralized entertainment platform that emerged from BNB Chain’s MVB (Most Valuable Builder) accelerator program.

CoinMarketCap chart showing the rise in the IDOL project, which was invested in by Binance Labs, following the news.

This strategic investment aims to accelerate MEET48’s growth and further enrich the Web3-based fan experience with virtual performances, idol management games, and physical events.

“We invested in MEET48 in line with our vision of democratizing fan participation and bringing transparency to idol communities,” YZi Labs’ official statement read.

Founded in 2022, MEET48 allows fans to directly contribute to their favorite idols’ journey. According to the official announcement, the platform offers voting and reward mechanisms thanks to the IDOL token integration, while users can earn NFTs, participate in virtual meetups, and access exclusive content. MEET48 aims to reach over 30 million fans through partnerships with Southeast Asia’s biggest idol groups and has plans for global expansion.

MEET48 caught the attention of YZi Labs and was selected as part of BNB Chain’s MVB Season 8 Accelerator Program. The program is run in partnership between YZi Labs and CoinMarketCap. The team behind the platform consists of experts in the field, including early Ethereum miner and Harvard dropout Wayne Zhang, CEO Ken Xu, who has over 15 years of experience in the media and film industry, and CFO Yoshiyuki Oe, a former PwC Strategy advisor.

*This is not investment advice.

Source