Blockchain Game Developer SkyArk Studio Secures $15 Million in Funding Round Led by Binance Labs

Blockchain Game Developer SkyArk Studio Secures $15 Million in Funding Round Led by Binance Labs

In a significant development disclosed on January 12, SkyArk Studio has successfully raised $15 million in a funding round led by Binance Labs. The financing involved the active participation of 40 institutions, including prominent figures like LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang.

Binance Labs Takes the Lead

The announcement by SkyArk Studio highlighted Binance Labs as the primary driving force behind the funding round. Alongside Binance Labs, a diverse array of 40 institutions, including influential personalities like Bryan Pellegrino and Darryl Wang, contributed to the substantial investment.

Previous Engagement with Binance

This marks the second occasion where Binance has shown confidence in the potential of SkyArk Studio. Back in late 2021, Binance Labs included the Singapore-based blockchain gaming studio in its prestigious incubation program. Although details about the nature of Binance’s support during that period are not explicitly mentioned, this prior engagement indicates a continued interest in the growth and success of SkyArk Studio.

Vision for Revolutionizing NFT Gaming

Kelvin Chua, co-founder of SkyArk Studio, has previously emphasized the pivotal role played by Binance’s incubator program in the firm’s mission to “revolutionize NFT gaming with its proprietary assets and engine.” While the ultimate success of these ambitious plans remains uncertain, the latest injection of funds from the funding round will undoubtedly empower the studio to progress along the outlined roadmap for their blockchain-based game, SkyArk Chronicles.

Binance’s Strategic Moves in the Gaming Sector

For Binance, this funding round signifies another strategic move to capitalize on the burgeoning gaming sector within the web3 space. In a notable move back in July 2023, the cryptocurrency exchange committed $15 million to Xterio, a gaming platform and publisher bridging the gap between free-to-play and on-chain gaming. The venture arm of Binance also demonstrated its interest in the gaming industry in 2022 by backing GAMEE, a mobile gaming platform that rewards players for their skills and efforts, with a substantial $1.5 million in funding.

In summary, the recent funding round led by Binance Labs positions SkyArk Studio on a promising trajectory, providing the financial backing needed to advance their innovative blockchain-based gaming initiatives. This collaboration underscores Binance’s ongoing commitment to exploring and investing in the dynamic and evolving landscape of web3 gaming.

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