Binance Labs cuts ties with SkyArk Chronicles

Binance’s investment division recently made a statement denying any involvement in SkyArk’s latest $15 million fundraising round, contradicting the project’s claims.
In a post on January 29, Binance’s venture arm clarified that it did not take part in SkyArk’s 2024 funding round, raising doubts about the accuracy of the earlier announcement. The statement revealed that Binance Labs had only invested in SkyArk back in 2021 through its Incubation Season 3 initiative.
After SkyArk claimed in a now-deleted post on January 12 that the $15 million funding was led by Binance’s venture firm, along with other institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang, Binance Labs responded with a statement refuting the claim.
Following Binance Labs’ statement, SkyArk released a post stating that Binance’s venture arm had only supported the firm in 2021 as part of the incubation program. As of now, SkyArk has not provided any additional information or explanations for the inaccurate statements made on January 12.
As previously reported, Binance Labs had included the Singapore-based blockchain gaming studio in its incubation program towards the end of 2021. SkyArk Studio’s co-founder, Kelvin Chua, had expressed that being part of Binance’s incubator program would be crucial in their goal to revolutionize NFT gaming with their unique assets and engine. However, the current progress of the firm following the deal remains uncertain.
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