Binance Labs Denies Leading SkyArk Chronicles $15M Funding Round

Binance Labs released a statement saying it โ€œwas unaware of the $15M investmentโ€ raised in SkyArk Chroniclesโ€™ latest funding round.

Skyark Chronicles upset with Binance.
Created by Kornelija Poderskytฤ— from DailyCoin
  • Binance Labs has denied that it recently led a $15M funding round.
  • The venture arm said it โ€œwas unawareโ€ of the said funding round.
  • The beneficiary of the funding round has since apologized โ€œfor the miscommunication.โ€

Binanceโ€™s venture arm, Binance Labs Fund, has denied claims that it participated in SkyArk Chroniclesโ€™ latest funding round, which raised $15 million.

Founded in 2021, SkyArk Chronicles is a AAA gaming platform connecting players in a multiverse crafted by the mythical god Satoshi Nakamoto. The projectโ€™s SkyArk Studio was selected under Season 3 of Binance Labs’ Incubation Program.

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The project announced the end of its latest funding round at the beginning of the year and claimed that Binance Labs had led the round.

Binance Labs Distances from SkyArk Chroniclesโ€™ Latest Funding Round

In an X (Twitter) post dated January 29, Binanceโ€™s venture arm distanced itself from SkyArk Chroniclesโ€™ latest funding round. It clarified that it only invested in the project in 2021 through its season 3 incubation program.

A few hours later, the venture arm released a detailed statement, noting that it was unaware of the $15 million funding round and had to make a โ€œunilateral clarificationโ€ to โ€œstate facts.โ€

โ€œBefore the SkyArk Chronicles team released the announcement, we were unaware of the $15M investment and the mention of Binance Labs leading it. If the project had notified us and stuck to the facts, we would have been totally fine with it.โ€ Binance Labs wrote.

Binance Labsโ€™ statement follows a now-deleted X post by SkyArk Chronicles, lauding the venture armโ€™s participation in the funding round, along with 40 other institutions, including Tangent Ventures co-founder Darryl Wang and LayerZero CEO Bryan Pellegrino.

According to an update issued today, the SkyArk Chronicles team has since apologized โ€œfor the miscommunicationโ€ and โ€œappreciatedโ€ the clarity from Binance Labs. The team vowed to continue making โ€œSkyArk a success.โ€

Read about Binanceโ€™s Web3 wallet:
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Stay updated on why Binance.US was suspended in two states:
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Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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