- SkyArk Chronicles has completed a $15 million funding round, elevating its status in the industry and celebrating investor interest.
- Controversy has risen with the project claiming that Binance Labs participated in the founding round, but the venture arm has refuted the claim.
SkyArk Chronicles, a triple-A game creation system and online gaming platform that allows players to own or trade in-game assets, has completed a financing round this year, raising $15 million. This is a major achievement for the project and shows that it enjoys investment attention and enthusiasts.
However, controversy has risen among the participants in the project. While the project announced that Binance Labs, the investment venture owned by Binance, the world’s largest crypto exchange, had led the investment, Binance Labs has disputed this claim.
Announcing on its official X account, the venture arm noted, “SkyArk Chronicles is a project incubated and invested in by Binance Labs in 2021 through Incubation Season 3; please note that Binance Labs did not participate in the project’s latest financing round this year. Thank you all for your attention. SkyArk Chronicles 是 Binance Labs于2021年通过Binance Labs孵化器第三期孵化和投资的项目；Binance Labs并未参与项目今年官宣的最新一轮融资，感谢大家的关注”
SkyArk Chronicles is a project incubated and invested in by Binance Labs in 2021 through Incubation Season 3; please note that Binance Labs did not participate in the project’s latest financing round this year. Thank you all for your attention.
SkyArk Chronicles 是 Binance… pic.twitter.com/wqu2PBxKGE
— Binance Labs Fund (@BinanceLabs) January 29, 2024
Significantly, Binance Labs confirmed that it backs the project but has not participated in its latest financing round. Backing from one of the biggest venture arms in the industry is a big sign of the potential of the project in the future.
In the past couple of hours, the project has issued an update in which it apologized for the misunderstanding, noting that it was “due to a lack of prior discussion” from them.
— SkyArk Chronicles (@SkyarkS) January 29, 2024
The team behind the project further highlighted other achievements, including;
- Impressive 50 ETH total value locked (TVL) achieved during the mint phase.
- Its parent company is undergoing a traditional audit as it works towards being listed on the Nasdaq in the future.
- The team thanks Binance Labs for their support in the Binance Labs incubator, acknowledging that without them, the project would not have accomplished as much as it has.
The team also addressed FUD, saying that it is a shell company and that it is fully committed to game development. Lastly, refunds will begin tomorrow for those who did not successfully bid.
Binance Labs has over the years invested in and supported crypto startups and projects, which highlights Binance’s overall contribution to the growth of the cryptocurrency industry. Many of them ride on this to launch, attract investment and mass adoption, and subsequently, become some of the most promising projects, and potentially revolutionize the crypto landscape.
