SkyArk Studio, a developer of blockchain games, secures $15m in funding from Binance Labs as the leading investor.
SkyArk Studio, a company that develops video games using blockchain technology, has successfully raised $15 million in its latest funding round, with contributions from more than 40 investors. The funding was led by Binance Labs, a prominent cryptocurrency exchange, and included participation from various institutions such as LayerZero and Tangent Ventures.
Although SkyArk Studio did not provide specific details about how it plans to use the funds, this is not the first time Binance has supported the video game developer. Last year, Binance Labs included SkyArk Studio in its incubation program, which aimed to nurture and support promising blockchain gaming studios. The extent of Binance’s support, whether financial or through mentorship, during that time is unclear.
Kelvin Chua, co-founder of SkyArk Studio, expressed the significance of being included in Binance’s incubator program, stating that it would help the company achieve its goal of revolutionizing NFT gaming with its unique assets and engine. While the success of these plans remains uncertain, the recent funding round will enable SkyArk Studio to continue its development of SkyArk Chronicles, a blockchain-based game that aligns with its long-term objectives.
For Binance, this investment is another opportunity to tap into the gaming sector within the web3 ecosystem. In 2023, the cryptocurrency exchange allocated $15 million to Xterio, a gaming platform that combines free-to-play and on-chain gaming. In addition, Binance’s venture arm provided $1.5 million in funding to GAMEE, a mobile gaming platform that rewards players for their skills and efforts.
Despite challenges and controversies surrounding blockchain games, including high abandonment rates, the industry continues to attract interest and support from both investors and major companies like Binance.
