Singapore-based Web3 gaming ecosystem, SkyArk Chronicles, has announced the successful completion of a $15 million funding round. The round was led by Binance Labs, the venture capital arm of Binance, which is globally recognized as the largest cryptocurrency exchange in terms of trading volume.
In a statement released on their platform, SkyArk Chronicles expressed their excitement: "We're thrilled to announce the successful completion of a $15 million funding round!" The company confirmed that Binance Labs spearheaded the funding round and added that over forty other institutions also participated.
SkyArk Chronicles is a Web3 gaming ecosystem co-founded by Chris Ng, Kelvin Chua, and Jonathan Zhang. As per information available on the company's website, SkyArk is currently developing three games with an aim to unite gamers and non-fungible token (NFT) enthusiasts. The company operates from offices located in Singapore, Taiwan, and Indonesia.
Yi He and Yibo Ling, who hold positions as head and chief business officer at Binance Labs respectively, have expressed their belief in Web3 gaming as a potential bridge to introduce more people into the blockchain ecosystem. In an interview with CoinDesk, Ling said that Binance Labs' growth can be attributed to their faith in Web3 and blockchain technology's untapped potential for an "explosive" expansion beyond the financial industry. "We are very much long-term investors in this space. We're not a fly by night – come in, and try to get a quick hit and move on because our core business is obviously long on the entire industry," Ling stated.
Further commenting on Binance Labs' investment strategy during his conversation with CoinDesk, Ling drew comparisons with FTX's VC arm. FTX was once a rival exchange of Binance's but collapsed and filed for bankruptcy in 2022. "We were always surprised by the level of investment that [FTX] made in their VC arm, as well as their marketing," Ling noted. "We’re obviously much bigger than they are, and we were looking at how they were spending money and how we were spending money and we were just scratching our heads on how they had the resources available to do what they did."