Binance.US builds an office in Solana-based metaverse platform Portals

on Jan 10, 2022
  • Binance.US seeks to use the virtual office as a space for its community to come together.
  • Portals is emerging as a favourite metaverse platform for entities that want to build on Solana.
  • Other firms like Adidas, Nike, and Samsung dipped toes in the metaverse before Binance.US.

Binance.US, the US branch of leading crypto exchange Binance, is building an office in Portals, a Solana-based metaverse platform. A report unveiled this news on January 9, citing Portals’ Head of Community and Partnerships, Chris Lund, who disclosed this news through a tweet.

Per Lund, Binance.US seeks to deliver the latest news, charts, and events virtually through its Portals Downtown space. Commenting on the company’s move into the metaverse, Binance.US’ spokesperson, Zachary Tindall, said,

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We are creating a space in the metaverse for the Binance.US community to come together. It’s the first of many steps we’re taking to be forward-looking as we build and reach our community in new environments.

However, neither Lund nor Tindall disclosed how much Binance.US parted with to secure the space on which it is building its virtual office. At the moment, the floor price of the Portal project is 19 Solana (SOL/USD) or approximately $2,646.70 (£1,947.57).

Solana continues competing with Ethereum

Unlike its Ethereum-based competitors, such as Decentraland and The Sandbox, Portals offers 5000 access key cards that allow owners to access a ready-made and customizable space in the virtual world. Portals also offer its users a complete dense urban environment where they can explore the building and hold interactive sessions.

This feature has seen Portals quickly become a favourite for different companies looking to establish a presence in the metaverse.

According to Lund, FTX.US, the US arm of crypto exchange FTX, also intends to build an office in Portals. He further disclosed that multiple Solana-based projects, including but not limited to Raydium, Magic Eden, Audius, and Bonfida, will also build on Portals.

The metaverse craze continues

This news comes as the metaverse frenzy continues intensifying, with several mainstream companies announcing their ambitions in the nascent space. An example is Facebook’s parent company which recently rebranded to Meta. Renowned brands like Adidas and Nike also entered the metaverse in the past year.

Electronics giant Samsung also made its debut in the metaverse with the launch of Samsung 837X, an immersive metaverse experience that teleports people into the company’s store in the heart of New York City’s meatpacking district. Samsung 837X currently runs on Decentraland, but it is up for a limited time.

Notably, consulting firm PwC Hong Kong also bought some land in The Sandbox. The company, however, failed to disclose how much it parted with the secure virtual land. With this move, the firm seeks to use its expertise to advise clients that want to embrace the metaverse.

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