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.

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

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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.

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.

Binance Labs invests in and incubates SkyArk Chronicles in Season 3

This is the first and only round of investment raised.https://t.co/l3z0gHotVJ

— SkyArk Chronicles (@SkyarkS) January 29, 2024

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.

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