Binance Labs Denies Leading SkyArk Chronicles $15M Funding Round

Binance Labs released a statement saying it “was unaware of the $15M investment” raised in SkyArk Chronicles’ latest funding round.

by Brian Danga. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: January 29, 2024 │ 1:54 PM GMT

Skyark Chronicles upset with Binance. — *Created by Kornelija Poderskytė from DailyCoin*

Binance Labs has denied that it recently led a $15M funding round.
The venture arm said it “was unaware” of the said funding round.
The beneficiary of the funding round has since apologized “for the miscommunication.”

Binance’s venture arm, Binance Labs Fund, has denied claims that it participated in SkyArk Chronicles’ 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 project’s SkyArk Studio was selected under Season 3 of Binance Labs’ Incubation Program.

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 Chronicles’ Latest Funding Round

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

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 “unilateral clarification” to “state facts.”

“Before 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.” Binance Labs wrote.

Binance Labs’ statement follows a now-deleted X post by SkyArk Chronicles, lauding the venture arm’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 “for the miscommunication” and “appreciated” the clarity from Binance Labs. The team vowed to continue making “SkyArk a success.”