Binance Labs Transfers $730,000 Worth of GMT to Binance

IconCryptoNewsTerminal Staff11 Jun, 2024

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Binance Labs Transfers $730,000 Worth of GMT to Binance

Binance Labs, the venture capital and incubator arm of cryptocurrency exchange Binance, has deposited $730,000 worth of GMT tokens to Binance. According to data from blockchain analytics firm AmberCN, the transfer occurred about an hour ago. This latest deposit brings the total amount of GMT tokens received by Binance Labs to 75 million since July 10, 2023. Of this total, 31.83 million GMT has been transferred to Binance. The purpose of these transfers is unclear, but it is possible that Binance Labs is distributing the GMT tokens to its investors or using them to fund its operations. GMT is the native token of the STEPN move-to-earn app, which has gained popularity in recent months.