Binance Labs distances from SkyArk Chronicles’ latest funding round

Binance’s venture arm said in a recent X post it did not participate in SkyArk’s latest $15 million funding round, despite the project stating the opposite.

In an X post on Jan. 29, the venture arm of Binance said did not take part in SkyArk’s latest financing round in 2024, raising concerns about the circumstances surrounding the apparently false announcement. The statement clarifies that Binance Labs had solely invested in SkyArk in 2021 through its Incubation Season 3 program.

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Binance Labs’ statement comes after SkyArk said in a now-deleted X post on Jan. 12 that the $15 million funding was led by Binance’s venture firm along with participation from 40 other institutions, including LayerZero CEO Bryan Pellegrino and Tangent Ventures co-founder Darryl Wang.

Binance Labs distances from SkyArk Chronicles' latest funding round - 1
A cached copy of SkyArk’s deleted X post | Source: BSC News

Following Binance Labs’ statement, SkyArk published an X post, saying Binance’s venture arm backed the firm only in 2021 as part of the incubation program. As of press time, SkyArk has not provided additional details or explanations for the inaccurate statements made on Jan. 12.

As crypto.news earlier reported, Binance Labs included the Singapore-based blockchain gaming studio in its incubation program in late 2021. At the time, Kelvin Chua, co-founder of SkyArk Studio, said that the inclusion in Binance’s incubator program would play a pivotal role in the firm’s mission to “revolutionize NFT gaming with its proprietary assets and engine.” However, the current status of the firm’s success following the deal remains unclear.

Read more: Over 30% of blockchain games are now abandoned, data shows
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