SkyArk Studio, a company specializing in developing blockchain-based video games, has successfully raised $15 million from more than 40 investors in its latest funding round. In an announcement made on Jan. 12, SkyArk Studio revealed that the funding was led by Binance Labs, with the participation of 40 different institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang.
Although SkyArk Studio did not provide specific details on how it intends to utilize the funds from this round, it is worth noting that this is not the first time Binance has supported the video game developer. Back in late 2021, Binance Labs included the Singapore-based blockchain gaming studio in its incubation program. While it remains unclear whether Binance provided financial support or mentorship to SkyArk Studio at that time, the latest funding round suggests a continued partnership between the two entities.
Kelvin Chua, co-founder of SkyArk Studio, has previously emphasized the importance of being part of Binance’s incubator program, stating that it will play a crucial role in the company’s mission to innovate NFT gaming with its unique assets and engine. With the latest funding secured, SkyArk Studio is set to advance its plans for a blockchain-based game called SkyArk Chronicles.
For Binance, this latest investment represents another strategic move to capitalize on the booming gaming sector in the web3 space. In July 2023, the crypto exchange allocated $15 million to Xterio, a gaming platform and publisher that combines free-to-play and on-chain gaming. Additionally, in 2022, Binance’s venture arm supported GAMEE, a mobile gaming platform that rewards players for their skills and efforts, with $1.5 million in funding.
As SkyArk Studio continues to push the boundaries of blockchain gaming and Binance expands its presence in the gaming industry, the future looks promising for both companies. Stay updated with the latest news by following us on Google News.