Crypto venture firm Binance Labs has reportedly initiated the sale of its stake in STEPN, resulting in a 10% decrease in the value of the STEPN token GMT. An analytics firm highlighted the movement of over $3 million in GMT from Binance Labs to Binance, indicating a significant divestment by the strategic investor.

Spot On Chain identified a wallet, likely linked to Binance Labs, that deposited 9.33 million GMT worth $3.14 million to Binance. The firm alleged that Binance Labs had unloaded a substantial portion of its approximately 37 million GMT holding, transferring over 28 million tokens to Binance.

After this transfer, Binance Labs is estimated to retain around 9 million GMT valued at $2.9 million. The token's price tumbled by over 10% to $0.32 following this development, as per data from CoinMarketCap. Binance Labs has not made any public comments regarding this situation.

The strategic investment from Binance Labs into STEPN was publicly announced in 2022, with Binance aiming to leverage gamification in fitness activities to drive crypto and blockchain adoption. Notable investors in STEPN include Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, and Sfermion. Specific financial details of these investments remain private.

STEPP, introduced in 2021, is a web3 platform that utilizes blockchain technology to incentivize and track fitness endeavors. The platform operates on a two-token model, with the Green Satoshi Token (GST) utilized for gaming and the Green Metaverse Token (GMT) used for governance purposes.