Binance Labs clarifies SkyArk Chronicles funding and claims it is not participating in the new $15 million round.
Posted: January 29, 2024 6:06 AM Updated: January 29, 2024 6:12 AM
Edit and fact check date: January 29, 2024, 6:06 AM
briefly
Binance Labs said it did not participate in the recent $15 million funding round announced by SkyArk Studio earlier this month.
Binance Labs, the venture capital arm and incubator of cryptocurrency exchange Binance, said earlier this month that it did not participate in SkyArk Studio’s recently announced funding round. The company made its participation clear, adding that it incubated and invested in gaming platform SkyArk Studio’s project SkyArk Chronicles during the third phase of the Binance Labs incubator in 2021.
Previously, Singapore-based blockchain AAA game studio SkyArk Studio announced on January 12 that it had successfully closed a $15 million funding round on social media platform X. The post has since been deleted.
SkyArk Studio has raised funding from VividThree, GuildFi, Jambo, BreederDAO, and Cryptomeria Capital, with participation from LayerZero CEO Bryan Pellegrino, Tangent Ventures co-founder Wangarian, Story Protocol CEO SY Lee, and others, to advance the company’s blockchain game development. Project – Skyark Chronicles.
SkyArk Chronicles is a project incubated and invested by Binance Labs through Incubation Season 3 in 2021. Binance Labs did not participate in the project’s latest funding round this year. Thank you for your interest.
SkyArk Chronicles and Binance… pic.twitter.com/wqu2PBxKGE
— Binance Labs Fund (@BinanceLabs) January 29, 2024
SkyArk Chronicles is a highly anticipated GameFi project since last summer. It adopts the Play-to-Earn game concept, allowing players to earn cash through non-fungible tokens (NFTs) and cryptocurrencies. However, unlike traditional play-to-earn models, it offers a different approach to the gaming ecosystem by emphasizing rewarding players during gameplay rather than focusing primarily on income generation.
SkyArk Studio, founded in 2020 by former financial analyst Chris Ng, was backed by Binance Labs, which selected the company to represent Singapore from over 1,000 applicants in Season 3 of the incubator.
Binance Labs Fuels Web3 Innovation
Binance Labs actively supports the most talented and forward-thinking founders and projects driving innovation in the Web3 ecosystem. A chain-independent initiative that runs every two years, the Incubation Program aims to shape the future of Web3 by empowering early-stage projects and since its founding in 2018 has joined more than 50 global incubators across Infrastructure, DeFi, Metaverse, SocialFi and Crypto FinTech. Incubated the project. Binance’s excess profits are used as startup funds. Successful graduate projects include Polygon, Dune Analytics, and Cere Network.
As of 2023, Binance Labs has supported over 200 projects, with written reports exceeding its initial investment by 10x.
In its latest Season 5 incubation program, Binance Labs invested in five promising projects, including Bracket Labs, a DeFi platform for bounded derivatives, intent-driven operating protocol dappOS, cryptocurrency tax calculation platform, Kryptoskatt, and Zero. A privacy-preserving decentralized identity verification solution for Trust Layer Mind Network, Web3, and zkPass.
Recently, Binance Labs repaid the $500 million worth of funds raised to invest in the web3 project to external investors, as announced in 2022. However, the exact reason why venture units repay limited partners (LPs) is unclear.
Through various efforts and investments, Binance Labs aims to shape the landscape of the blockchain and cryptocurrency space with a focus on supporting innovative ventures and developing Web3 projects.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles