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SkyArk Studio, a blockchain-based video game developer, has raised $15 million from more than 40 investors in its latest funding round.
In an ad On January 12, SkyArk Studio said the funding was led by Binance Labs, with participation from 40 institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang.
While the company did not elaborate on who plans to use the round's proceedings, this appears to be the second time Binance has backed the video game developer. By the end of 2021, Binance Labs including the Singapore-based blockchain gaming studio in its incubation program. However, it is unclear whether Binance backed SkyArk Studio financially or through mentorship at the time.
Kelvin Chua, co-founder of SkyArk Studio, previously said that inclusion in Binance's incubation program would play a critical role in the company's mission to “revolutionize nft gaming with its proprietary assets and engine.” Although the success of his plans is still unclear, it is understood that the latest round of funding will allow the studio to continue following its outlined roadmap for a blockchain-based game called SkyArk Chronicles.
For Binance, this is another attempt to capitalize on the web3 gaming sector. In July 2023, the crypto exchange ai-and-web3-1674838563596230735″ target=”_blank” rel=”noopener”>engaged $15 million for Xterio, a gaming platform and publisher that bridges free-to-play and on-chain games. In 2022, Binance's venture arm will also Backed GAMEE, a mobile gaming platform that rewards players for their skills and efforts, with $1.5 million in funding.
