Solana-based STEPN Completes $20 Million Distribution of GMT Tokens to VCs and Teams

StepN, a Solana-based platform that combines fitness tracking and play-to-earn gaming, has completed a round of distribution of GMT (StepN’s native token) to VCs, consultants, and teams. The total distributed amount is 61.2 million GMT, which is equivalent to around $20 million.

Out of the 61.2 million GMT, 37.2 million was allocated to 25 addresses representing the venture capital firms that invested in StepN. The team received 17.75 million GMT distributed to 14 addresses, with two of those addresses receiving over 4 million GMT. Meanwhile, 6.25 million GMT was allocated to seven addresses representing StepN’s consultants, with one of those addresses receiving 3.75 million GMT.

Source: Solscan

It’s worth noting that some addresses have already transferred the received GMT to exchanges such as Binance.

StepN was founded in August 2021 by Australian blockchain entrepreneur Yawn Rong and his partner Jerry Huang, a game developer and former founder of Falafel Games. The platform aims to incentivize millions of users to adopt a healthier lifestyle by offering financial incentives and introducing social reward elements while contributing to carbon neutrality.

StepN’s success has attracted significant funding from some of the biggest crypto venture capital firms, including Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, and DeFi Alliance. The seed round totaled $5 million, with notable angel investors such as Santiago R Santos and Asia Partner of Republic Zhen Cao also investing in the platform.

StepN’s move-to-earn model, which allows users to earn in-game currency while walking, running, or jogging, has been gaining popularity in the fitness and gaming industries. With this latest round of distribution of GMT, StepN is well-positioned to continue its growth and expansion into other chains.

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