Binance Labs Committed $15 Million to Buzzy F2P Startup

According to reports, Xterio, a web3 gaming startup based in Switzerland, has received a commitment of $15 million from Binance Labs, the venture arm of the $9 billion crypto exchange giant.

Xterio specializes in blockchain-based and free-to-play games and intends to utilize the funding to develop its upcoming games, integrate interactive experiences using AI capabilities, and launch new tokens.

The valuation of the investment has not been disclosed, and when asked about the investment timeline, a Binance spokesperson confirmed that the round has been completed without providing further details.

“The Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming enhanced by AI capabilities,” said Yi He, Binance’s co-founder and head of Binance Labs.

He continued and said the following:

“The Xterio core team brings together experienced Web2 professionals with Web3 expertise, we look forward to closely working with them to allow gamers around the world to experience rich on-chain gameplay.”

The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) found that Bank of America imposed hidden fees, withheld credit card rewards, and opened fraudulent accounts over a period of several years.

Specifically, the bank is being fined for “systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.”

Account holders affected by the bank’s illegal practices will receive a direct payment of $100 million, while the bank will pay $90 million in penalties to the CFPB and $60 million in penalties to the OCC.

CFPB Director Rohit Chopra has stated that the agency’s goal is to eliminate systemic and widespread illegal practices against customers in the banking industry.