In its most recent fundraising round, blockchain-based video game company SkyArk Studio raised $15 million from more than 40 investors.
In a Jan. 12 X announcement, SkyArk Studio stated that 40 institutions, including co-founder of Tangent Ventures, Darryl Wang and CEO of LayerZero Bryan Pellegrino, participated in the fundraising headed by Binance Labs.
While the firm did not clarify who it wants to use the earnings from the round, this is the second time Binance backs the video game creator. The Singapore-based blockchain game studio was added to Binance Labs’ incubation program towards the end of 2021. But at the time, it’s unclear if Binance provided SkyArk Studio with financial support or guidance.
According to co-founder Kelvin Chua, incorporating SkyArk Studio into Binance’s incubation program will be crucial to the company’s goal of “revolutionizing NFT gaming with its proprietary assets and engine.”
Though the outcome of its intentions is still unknown, it is believed that the company will be able to proceed with its vision for the blockchain-based game SkyArk Chronicles, thanks to the most recent funding round.
This is Binance’s latest attempt to profit from the web3 game industry. The cryptocurrency exchange gave $15 million in July 2023 to Xterio, a publisher and gaming platform that connects on-chain and free-to-play games.
In 2022, $1.5 million was also provided by Binance’s venture division to GAMEE, a mobile gaming platform that pays users for their abilities and efforts.
