Memeland plans to become a fully decentralized, community-driven platform where current NFT holders will have access to govern the Memeland DAO.
Cryptocurrency project Memeland has received investment from Binance Labs, the venture capital and incubator arm of the leading global exchange Binance.
In an announcement on Thursday, January 4, Binance Labs said it had committed an undisclosed amount of funds to support the project and its native token MEME to promote the adoption of the ecosystem.
Buoyed by the news of the investment, MEME surged to a new high of $0.031 following the recent market crash, which saw the memecoin trade around $0.0233.
Memeland to Launch Liquid Staking for Ethereum
Memeland officially debuted in June 2022 to connect software developers and non-fungible token (NFT) creators with their communities through its MEME token and NFTs by leveraging the meme internet culture.
The protocol is the independent Web3 venture studio of 9GAG that focuses on building and investing in SocialFi and the creator economies.
With the new investment from Binance Labs, the Web3 project is now better suited to compete with other promising memecoins in the industry, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepecoin (PEPE), and the newly launched Bonk (BONK), which rallied over 300% last month.
The funds will be used to strengthen its presence in the industry and foster adoption of its ecosystem. Currently, Memeland offers users the opportunity to earn passive rewards from their crypto holdings and NFTs through its MEME Farming feature.
The protocol also plans to roll out more business offerings such as NFT staking mechanisms, social networks for community members to collaborate, and liquid staking of Ethereum (ETH). The planned introduction of these products and services aims to improve the user experience and promote community inclusivity.
Memeland also plans to become a fully decentralized, community-driven platform where current NFT holders will have access to govern the Memeland DAO.
Not the First
The protocol is not the first crypto project to receive financial support from Binance Labs. Last year, the venture capital company made a series of investments in other crypto projects.
On November 15, Binance Labs announced that it had invested in ARKM, the native token of the “deanonymizing” blockchain platform Arkham, which provides granular information and visualization tools for on-chain activities.
Like Memeland, the company also failed to reveal the actual amount it invested in the project. However, Binance Labs said in an announcement that the funds will be used to support the protocol’s mission of deanonymizing blockchain transactions and empowering self-regulation.
That same month, a crypto-focused educational platform Open Campusinked a $3.15 million investment from the Binance arm to enhance its protocol and attract new users.
In July, another crypto project, Xterio, a Web3 gaming protocol, secured $15 million in investments from Binance Labs.
Later in August, blockchain protocols such as AltLayer, Kinza, KiloEx, and Sleepless AI received financial backing from Binance Labs. Helio Protocol also obtained a $10 million investment from the company in the same month.