Binance Labs Denies Participating in SkyArk Chronicle’s Funding Program

Binance Labs Fund, an accelerator program in the blockchain industry, has denied participating in a recent funding exercise by SkyArk Chronicles, one of the projects it incubated in 2021. In a recent post on X (formerly Twitter), the incubator highlighted a publication claiming it participated in the funding program. Binance Labs stated that it did not join SkyArk’s financing round this year.

A part of the highlighted publication read:

SkyArk Chronicles, a Triple-A gaming platform, completed a funding round of $15 million on January 12, 2024. Binance Labs, the world’s leading crypto exchange’s investment wing, led this funding round.

The publication also claimed that more than 40 institutions participated in the funding round, which ended on January 12.

Binance Labs’ rebuttal comes more than two weeks after the conclusion of the funding round. After the financing round, several media outlets reported that Binance participated without mentioning the actual amount it contributed. They also reported that investment behemoths like Vividthree Productions, a Singapore-based company, and other NFT and gaming networks, such as GuildFi Global, participated in the exercise.

The SkyArk Chronicle team also broadcasted the news about Binance Labs’ participation in the funding round. However, it has deleted its post on X to that effect, as trying to access the post returned an error message while filing this report.

Binance Labs clarified that it incubated SkyArk Chronicles in 2021 through its Incubation Season 3 program. It also acknowledged investing in the project at the time of incubation. However, it firmly denied being part of the recent funding exercise.