Blockchain game developer SkyArk Studio raises $15m in round led by Binance Labs

SkyArk Studio, a developer of blockchain-based video games, has secured $15 million from over 40 investors in its latest funding round.

In an X announcement on Jan. 12, SkyArk Studio said the funding was led by Binance Labs, with the participation of 40 institutions, including LayerZero CEO Bryan Pellegrino, and Tangent Ventures co-founder Darryl Wang.

While the firm did not elaborate on who it plans to use the proceedings from the round, this appears to be the second time Binance backs the video game developer. In late 2021, Binance Labs included the Singapore-based blockchain gaming studio in its incubation program. It is unclear if Binance backed SkyArk Studio financially or through mentorship at the time, however.

Kelvin Chua, co-founder of SkyArk Studio, previously 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.” Although the success of its plans remains unclear, it’s understood that the latest funding round will enable the studio to continue following its roadmap outlined for a blockchain-based game dubbed SkyArk Chronicles.

For Binance, this is yet another attempt to capitalize on the gaming sector in web3. In July 2023, the crypto exchange committed $15 million to Xterio, a gaming platform and publisher bridging free-to-play and on-chain gaming. In 2022, Binance’s venture arm also backed GAMEE, a mobile gaming platform that rewards players for their skills and efforts, with $1.5 million in funding.