Business News Report
January 29, 2024

Binance Labs Clarifies on SkyArk Chronicles Funding, Claims Non-Participation in New $15M Round

Binance Labs Clarifies Role in SkyArk Chronicles Funding, Highlights Non-Participation in New Financing Round

Venture capital arm and incubator of cryptocurrency exchange Binance, Binance Labs, clarified that it did not partake in the recently announced funding round by the SkyArk Studio earlier this month. The company added that it had incubated and invested in the gaming platform SkyArk Studio’s project SkyArk Chronicles during the third phase of the Binance Labs Incubator in 2021, clarifying its involvement.

Previously, the Singapore-based blockchain AAA gaming studio SkyArk Studio announced the successful closure of a $15 million financing round on the social media platform X on January 12th. The post has subsequently been deleted.

SkyArk Studio raised funding from VividThree, GuildFi, Jambo, BreederDAO and Cryptomeria Capital, with participation from LayerZero CEO Bryan Pellegrino, Tangent Ventures co-founder Wangarian, and Story Protocol CEO SY Lee, among others, to advance the development of the company’s blockchain game project–SkyArk Chronicles.

SkyArk Chronicles is a GameFi project that garnered significant anticipation since last summer. It embraces the play-to-earn gaming concept, allowing players to earn cash through non-fungible tokens (NFTs) and cryptocurrency. However, unlike the traditional play-to-earn model, it emphasizes rewarding players during gameplay rather than primarily focusing on income generation, providing a different approach to the gaming ecosystem.

Established in 2020 by former financial analyst Chris Ng, SkyArk Studio has received support from Binance Labs which selected the company to represent Singapore from among 1000+ applicants in its Incubator Season 3. 

Binance Labs Fosters Web3 Innovation

Binance Labs actively supports the most capable and forward-thinking founders and projects driving innovation for the Web3 ecosystem. Its incubation program, a biannual and chain-agnostic initiative, aims to empower early-stage projects to shape the future of Web3 and has incubated over 50 global projects across Infrastructure, DeFi, Metaverse, SocialFi, and Crypto FinTech since its inception in 2018, utilizing Binance’s excess profits to fund startups. Successful graduate projects include Polygon, Dune Analytics, Cere Network and others. 

As of 2023, Binance Labs has backed over 200 projects, with paper returns exceeding 10 times the initial investments.

In the latest Season 5 Incubation Program, Binance Labs invested in five promising projects, which include the DeFi platform for range-bound derivative products, Bracket Labs, the intent-centric operating protocol dappOS, the platform for cryptocurrency tax calculations, Kryptoskatt, the Zero Trust Layer Mind Network, and the privacy-preserving decentralized identity verification solution for Web3, zkPass.

Recently, Binance Labs repaid funds to external investors in a $500 million fund collected for investing in web3 projects, as announced in 2022. However, the exact reasons for the venture unit repaying its Limited Partners (LPs) remain unclear.

Through various endeavors and investments, Binance Labs aims to shape the landscape of the blockchain and cryptocurrency space, emphasizing support for innovative ventures and the development of Web3 projects.

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In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

More articles
Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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