Published on: 19/08/2022

LBank hops in GYMSTREET to establish services in metaverse

LBank, a leading cryptocurrency exchange, has decided to become a part of GYMSTREET, a metaverse developed by the Gym Network. The new branch will be designed to represent its brand and allow customers to interact with its services through the virtual world.

GYMSTREET is touted be the Wall Street of the metaverse, where innovative companies can provide their services to the public. It does not limit its users — financial institutions such as banks, exchanges, or DeFi providers can join GYMSTREET.

In addition to LBank, the Gym Network has partnered with Alpaca Finance, a DeFi protocol on the Binance Smart Chain. The Gym Network allows its users to earn rewards by using its various products through its platform. These include the Single Pool, Vault, and Farm. Its total value is currently around $34 million.

The Gym Network has already reached 25,000 investors and aims to grow to 100,000 by 2022. By using LBank, they can easily trade their accumulated GYMNET tokens. Many investors are taking advantage of the Gym Network’s underlying smart contract to join LBank’s customer base.

Through its platform, GYMSTREET allows companies to expand their operations and reach out to the public by providing their services in the metaverse. Its CEO, Frank Röhrig, aims to make it the largest investor and collaborative platform for companies to offer their services. He is also excited to welcome LBank as the first partner to participate in this initiative.

“GYM Street is a Metaverse that, like already established Metaverse, such as Sandbox or Decentraland, will not only create a virtual space with many possibilities, but will provide even more solutions for digital finance,” Gym Network wrote in a blog post.

LBank is currently in position 15 on the Top 20 list of cryptocurrency spot exchanges by Coin Market Cap. It has a daily trading volume of more than $1.5 billion and has over 1.8 million monthly visits. The GYMNET, the Gym Network’s token, will be listed on LBank on September 1, 2022.

Through this partnership, LBank and the Gym Network have created a special affiliate program to allow users to earn rewards from their trading.

Potential growth in NFT as virtual lands

The Gym Network noted that the number of companies using NFTs to expand their operations and reach out to the public is growing rapidly, with many spending a lot of money to establish their brand in the virtual world.

The companies that are using NFTs to expand their operations and reach out to the public are experiencing tremendous growth because they see the added value in being able to occupy a prominent virtual land in the metaverse.

Placing a prominent physical presence in a prominent location can help boost a company’s brand recognition and increase its chances of being successful. “The more people who see the store, the stronger the brand positions itself in the brains of these people,” the Gym Network said.

Meanwhile, GYMSTREET is a developing project with an ecosystem involving many communities in the crypto sphere. GYMSTREET has metablocks.io for miners, a decentralized exchange, zuckerland.io as an NFT marketplace, and cashFT as an NFT-crypto-FIAT bridge.

In August 2022, the updated version of the GYMSTREET will be released. It will allow users to purchase land parcels, and miners can be placed on them.