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HomeCrypto NewsMarketKaj Labs Denies Partnering With Binance To Burn 2.5 Trillion LUNC

Kaj Labs Denies Partnering With Binance To Burn 2.5 Trillion LUNC

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Kaj Labs says it has no affiliation with Binance other than that it built LITHO on BSC.



In a tweet today, Kaj Labs shared a Bloomberg press release announcing that it was not collaborating with Binance in its goal of burning 2.5 trillion Terra Classic (LUNC) despite speculations to the contrary.

“Rumors and reports have been circulating online indicating that Lithosphere/KaJ Labs is working with Binance on the 2.5 trillion Terra Luna Classic (LUNC) burn,” the firm wrote. “KaJ Labs wants to make it clear with audiences and the community that this has no basis in truth or fact.”

 

Furthermore, Kaj Labs asserted that it had no affiliations with Binance or its affiliates, stating that the only link between both parties is that Lithosphere, a network developed by Kaj Labs, has its native token running on the Binance Smart Chain (BSC). However, the firm is willing to enter such a partnership in the future should the opportunity arise but asserts that such is not the case.

As reported by The Crypto Basic at the beginning of October, Kaj Labs revealed that it planned to burn 2.5 trillion Terra Luna Classic (LUNC) over time by integrating the token with its play-to-earn (P2E) game dubbed Finesse. Notably, in a roadmap released a week later, the company hinted at a partnership with independent Terra Classic development group Terra Revels.

However, as reported by The Crypto Basic, the Terra Rebels have dissociated themselves from the company and the game. Notably, reXx of the Terra Rebels came out to say that there has been no contact between the Rebels and Kaj Labs.

It is worth noting that Kaj Labs has disclosed that the first chapter of the game will go live on December 18. Notably, the company claims the public can track the burn in real-time on a website that will launch with the game.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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