Binance Labs disassociates itself from SkyArk Chronicles
Binance’s investment division has refuted claims that it participated in SkyArk’s recent funding round, contradicting an announcement made by the project. In a post published on Jan. 29, Binance clarified that its venture arm did not contribute to the $15 million financing round in 2024, raising concerns about the validity of the previous statement. Binance Labs confirmed that it had only invested in SkyArk through its Incubation Season 3 program in 2021.
This statement from Binance Labs came after SkyArk stated in a now-deleted post on Jan. 12 that its funding round was led by Binance’s venture firm, with the participation of 40 other institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang. SkyArk has not provided any additional details or explanations for the misleading statements made on Jan. 12.
As previously reported, Binance Labs included SkyArk Studio, a Singapore-based blockchain gaming studio, in its incubation program in late 2021. At the time, Kelvin Chua, co-founder of SkyArk Studio, expressed that being part of Binance’s incubator program would be crucial for their mission to revolutionize NFT gaming using their proprietary assets and engine. However, the current status of the firm’s success following the deal remains uncertain.
