Binance Labs has quenched reports about its recent involvement in the just concluded funding round of SkyArk Studios, a web3 gaming project. The Investment arm of the largest cryptocurrency exchange by trading volume made the disclosure on Monday via a post on its official X (formerly Twitter) page.
According to the post, Binance Labs emphasized that it didn’t participate in the project’s latest financing round this year. More so, the post surfaced in reaction to various reports by some top media outlets. In the post, Binance Labs established that it had invested in the project since 2021 through its Incubation Season 3 program.
On the flip side, around January 12, 2023, various outlets reported that Binance Lab led a $15 million funding round for SkyArk Chronicles. The reports explained how other investment firms like GuildFi, Jambo Technology, BreederDAO, and Vividthree Productions all participated in the round. However, the reports failed to disclose the amount Binance invested in the round. Following the recent disclaimer from Binance, SkyArk is yet to respond to the post.
How Binance Labs Invested in SkyArk in 2021
While the investment firm is denying its involvement in the recent funding, the company explained how it invested in the project previously. Around 2021, Binance Labs picked SkyArk Studio for the third season of its incubator program. Then, about 1,000 projects applied for the program, and nine (9) including SkyArk were selected.
Furthermore, about six (6) of the selected projects have commenced operations. Also, they’ve launched tokens for their respective ecosystem. However, SkyArk and two (2) others are yet to launch their respective tokens. As reported, the support of Binance Labs projected SkyArk to become a success in the DeFi and GameFi landscape.
Similarly, reports indicated that Binance Labs selected the project due to its focus on establishing a diverse gaming sphere in Singapore. With this support, SkyArk Studios has designed an NFT game engine that offers high interoperability. Therefore, allowing NFTs to integrate seamlessly with games. Likewise, the engine also supports numerous gameplay patterns.
While describing the rationale behind the selection of SkyArk for its incubation program, Bill Chin, the Head of Binance Labs Fund said that the initiative is directed at fast-tracking the growth of the industry. Additionally, the executive indicated that the program is to nurture future industry key players through their development phase. Lastly, Bill Chin established confidence in the incubation program toward contribution to the overall growth and adoption of blockchain initiatives.