- Binance Labs says it was “unaware” of SkyArk Chronicles’ $15 million funding round and that it did not participate as the AAA gaming platform claimed.
- SkyArk Chronicles has apologized for the “miscommunication”.
Binance Labs has denied that it took part in SkyArk Chronicles’ recent financing round.
The venture capital arm of the crypto exchange Binance issued a statement on Monday distancing itself from SkyArk Chronicles’ reported $15 million raise, saying its only involvement with the project was incubation in 2021.
Binance says it did not participate in the $15 million round
Binance Labs’ clarification followed an announcement from SkyArk Chronicles that claimed the venture arm had led the funding round. Binance Labs said it asked the gaming project to correct the claim both in its announcement article and on X.
SkyArk removed the post on X, but Binance Labs says the project did not take further action despite Binance’s repeated private requests.
In a public notice, Binance Labs stated:
“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.”
Binance Labs added that it was “unaware” of the $15 million investment the SkyArk team had claimed Binance Labs had led. The company said the project’s announcement did not accurately reflect the facts.
“The development of a project will not collapse because Binance Labs has made a clarification on the facts. If a project is built on false expectations of prosperity, it is not truly brilliant. Looking at the recent operational and marketing activities by SkyArk Chronicles, we can see their potential for servicing end consumers and the community,” Binance said in its statement on Monday, January 29.
SkyArk Chronicles announced that its $15 million raise included participation from several crypto investment groups, including VividThree, Jambo Technology, GuildFi Global, and BreederDAO. The AAA gaming platform said the funding round closed on January 12, 2024.
SkyArk launched its Genesis NFT sale on January 26, 2024, reporting proceeds of more than 50,000 ETH.
Observers criticized the studio for what they called a significant error in claiming Binance Labs led the round. After Binance Labs issued its clarification, SkyArk Chronicles apologized on X, acknowledging the miscommunication and expressing appreciation for Binance Labs’ correction.