Binance Labs Refutes Involvement in SkyArk Chronicles’ Recent Funding Round Amidst Controversy

Binance Labs Refutes Involvement in SkyArk Chronicles’ Recent Funding Round Amidst Controversy

In a recent development, Binance Labs has disassociated itself from SkyArk Chronicles’ latest funding round, contradicting the project’s earlier claims. Contrary to SkyArk’s assertion in a now-deleted post on January 12 that Binance’s venture firm led the $15 million funding round, Binance Labs clarified in an official statement on January 29 that it did not participate in the said financing round in 2024. The statement emphasized that Binance Labs had exclusively invested in SkyArk during 2021 through its Incubation Season 3 program.

This conflicting information has raised concerns about the accuracy of SkyArk’s earlier announcement, prompting Binance Labs to set the record straight. SkyArk, a Singapore-based blockchain gaming studio, was included in Binance Labs’ incubation program in late 2021. At that time, Kelvin Chua, co-founder of SkyArk Studio, expressed optimism about the partnership, stating that it would be instrumental in the company’s mission to revolutionize NFT gaming with proprietary assets and engine.

Following Binance Labs’ denial of involvement in the recent funding round, SkyArk published a response on X, acknowledging that Binance’s venture arm had backed the firm solely in 2021 as part of the incubation program. However, as of the latest update, SkyArk has not provided additional details or explanations for the inaccuracies in its previous statements.

The situation leaves uncertainties about the current status of SkyArk’s success following its inclusion in Binance’s incubator program. The controversy highlights the importance of accurate communication in the cryptocurrency and blockchain space, where transparency and credibility play pivotal roles in building trust among investors and the community.

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