The funding round, bolstering SkyArk's Web3 gaming development, saw contributions from over 40 investors, including industry leaders.
SkyArk Studio, an emerging name in the Web3 gaming sector, recently celebrated the successful closure of a $15 million funding round, led by Binance Labs. This significant financial boost garnered support from an impressive roster of over 40 investors. Notable contributors include VividThree, GuildFi Global, Jambo Technology, BreederDAO, LayerZero CEO Bryan Pellegrino, and Tangent Ventures co-founder Darryl Wang.
SkyArk Studio is at the forefront of developing SkyArkVerse, a SocialFi gaming platform. In this virtual realm, players embody SkyHeroes and SkyLegends, tasked with reconstructing their world after the ravages of war. The platform offers an interactive space where gamers can discover new territories, engage with friends, and design their personal domains.
Binance Labs' investment in SkyArk Studio isn't a first-time venture. The studio was a part of Binance's incubation program in 2021, highlighting a continued relationship between the two entities. Kelvin Chua, co-founder of SkyArk Studio, previously expressed that joining the program marked a significant milestone in their quest to "revolutionise NFT gaming."
Selected to represent Singapore from over 1000 applicants, SkyArk Studio stood out in the third season of Binance Labs' incubator program. Currently, the studio is focused on developing multiple game titles, aiming to establish a vibrant gaming ecosystem rooted in Singapore.
This latest funding round is a strategic move by Binance Labs to enhance its presence in the gaming sector. Despite Binance's status as the world's largest crypto exchange, its blockchain gaming ecosystem has room to grow, especially compared to competitors like Oasys, Immutable, Solana, and Polygon. Over the past year, Binance has accelerated its efforts to bolster its gaming ecosystem, including a substantial $15 million investment in the gaming platform and publisher Xetrio in July 2023.
As Binance Labs continues to expand its GameFi ecosystem through a series of side chains and strategic investments, SkyArk Studio's recent funding success stands as a testament to the growing interest and potential in the Web3 gaming landscape.