Binance Labs Provides Updates on SkyArk Chronicles Funding, Asserts No Involvement in Latest $15M Initiative
In Brief
Binance Labs has officially stated that it did not take part in the recently announced $15 million funding initiative by SkyArk Studio, which was revealed earlier this month.
The venture capital division and incubator of the cryptocurrency exchange Binance has clarified that it was not an active participant in SkyArk Studio's recent funding round announced earlier this month. They further mentioned their past roles in nurturing and investing in the gaming platform's project, SkyArk Chronicles, during the third phase of the Binance Labs Incubator back in 2021. Binance Labs Earlier, the Singapore-based gaming studio SkyArk Studio made headlines by announcing the successful closure of a funding round, shared on social media platform X on January 12th, although this post has since been removed. SkyArk Studio’s SkyArk Studio successfully secured funding from several prominent entities, including VividThree, GuildFi, Jambo, and BreederDAO, alongside contributions from LayerZero's CEO Bryan Pellegrino, co-founder of Tangent Ventures Wangarian, and SY Lee from Story Protocol, to propel the development of SkyArk Chronicles, their new blockchain gaming project.
Having been launched in 2021 during Incubation Season 3, SkyArk Chronicles received initial support from Binance Labs, making clear that the firm was not involved in the recent funding rounds this year. We appreciate everyone's attention on this matter. $15 million financing round This project has generated significant buzz since last summer, embracing a play-to-earn framework that allows players to earn real money through gameplay and cryptocurrency involvement. Unlike traditional play-to-earn models which often focus squarely on income, SkyArk Chronicles prioritizes rewarding players during their gaming experience, thus establishing a fresh approach to the gaming environment.
Founded in 2020 by former financial analyst Chris Ng, SkyArk Studio has gained recognition through Binance Labs, which selected the studio to represent Singapore from over 1,000 applicants during its Incubator Season 3. Cryptomeria Capital Binance Labs Promotes Web3 Innovation
The initiative is among the most innovative and forward-looking in the industry, propelling advancements within the Web3 ecosystem. Their incubator program, held biannually and open to all chains, seeks to empower emerging projects that will shape the future of Web3. Since its establishment in 2018, it has nurtured over 50 global projects across various sectors, including Infrastructure, DeFi, Metaverse, SocialFi, and Crypto FinTech, using Binance’s excess profits to support startups. Among its successful alumni are well-known names like Polygon, Dune Analytics, and Cere Network.
— Binance Labs Fund (@BinanceLabs) January 29, 2024
SkyArk Chronicles is Binance… pic.twitter.com/wqu2PBxKGE
SkyArk Chronicles is a GameFi As of 2023, Binance Labs has provided backing to more than 200 projects, with the returns on paper exceeding ten times the initial investments made. non-fungible tokens (NFTs) In its latest Season 5 Incubator Program, Binance Labs made investment commitments to five promising initiatives, including the DeFi platform Bracket Labs for range-bound derivative products, the intent-driven operating protocol dappOS, Kryptoskatt for cryptocurrency tax calculations, the Zero Trust Layer Mind Network, and a privacy-preserving decentralized identity verification solution for Web3.
Recently, Binance Labs returned funds to external investors from a $500 million fund established for investing in Web3 projects, a move announced in 2022. The specific reasons behind this decision to repay Limited Partners (LPs) remain somewhat ambiguous.
Through a variety of projects and investments, Binance Labs aims to significantly influence the blockchain and cryptocurrency landscape, focusing on supporting dynamic ventures and the growth of Web3 projects.
Binance Labs actively supports Please understand that the details on this page are not intended to serve as legal, tax, investment, financial, or any other advice. It is crucial to invest only what you can afford to lose and to seek independent financial advice if needed. For further information, we recommend checking the terms and conditions as well as the help and support sections provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and impartial reporting, yet market conditions can fluctuate without prior notice. founders and projects Alisa, a passionate journalist with Cryptocurrencylistings, specializes in topics such as cryptocurrency, zero-knowledge proofs, investments, and the broad sphere of Web3. With her sharp eye for upcoming trends and technologies, she provides in-depth insights to keep her readers informed and engaged in the fast-changing realm of digital finance.
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