Blockchain game developer SkyArk Studio raises $15m in round led by Binance Labs

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SkyArk Studio, a developer of blockchain-based video video games, has secured $15 million from over 40 traders in its newest funding spherical.

In an X announcement on Jan. 12, SkyArk Studio stated the funding was led by Binance Labs, with the participation of 40 establishments, together with LayerZero CEO Bryan Pellegrino, and Tangent Ventures co-founder Darryl Wang.

Whereas the agency didn’t elaborate on who it plans to make use of the proceedings from the spherical, this seems to be the second time Binance backs the online game developer. In late 2021, Binance Labs included the Singapore-based blockchain gaming studio in its incubation program. It’s unclear if Binance backed SkyArk Studio financially or by means of mentorship on the time, nonetheless.

Kelvin Chua, co-founder of SkyArk Studio, beforehand stated that the inclusion in Binance’s incubator program would play a pivotal position within the agency’s mission to “revolutionize NFT gaming with its proprietary belongings and engine.” Though the success of its plans stays unclear, it’s understood that the most recent funding spherical will allow the studio to proceed following its roadmap outlined for a blockchain-based sport dubbed SkyArk Chronicles.

For Binance, that is one more try and capitalize on the gaming sector in web3. In July 2023, the crypto change committed $15 million to Xterio, a gaming platform and writer bridging free-to-play and on-chain gaming. In 2022, Binance’s enterprise arm additionally backed GAMEE, a cellular gaming platform that rewards gamers for his or her abilities and efforts, with $1.5 million in funding.

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