financemagnates.com
Binance Labs, the venture capital arm of digital exchange Binance, today announced an investment in open-sourced game Nine Chronicles. The strategic investment will support the company in the expansion of its team.
Launched in October 2020, the Nine Chronicles Network witnessed a jump in its popularity during the last few months. According to the details shared by the company, over 10 million NCG Tokens have been distributed to players through its play-to-earn economy.
The latest announcement from Binance Labs came almost three weeks after the company led the $60 million investment round of Multichain. The venture capital and innovation incubator of Binance also invested almost $12 million in WOO Network during the first week of January 2022.
Chase Guo, Investment Director of Binance Labs, said: “Sharing the same vision of increasing crypto adoption globally, Binance Labs and Nine Chronicles have formed a long-term partnership through the investment. We believe that the team’s deep gaming expertise and the game’s sophisticated graphics will bring them great success in the blockchain gaming space.”
Crypto and Gaming
During the last 12 months, several leading gaming companies around the world introduced crypto tokens to facilitate their communities. With the growing popularity of Metaverse, open-sourced and decentralized games are taking the center stage in the growth of the global crypto and blockchain ecosystem.
“Since 2018, our team has been dedicated to giving the ownership of online gaming back to the community,” said Kijun Seo and JC Kim, Co-CEOs of Planetarium. “We plan to take Nine Chronicles mainstream this year by adding new competitive and collaborative features for players and guilds, launching the game on mobile, upgrading our decentralized network infrastructure, and enabling our passionate community of creators. We believe that we can bring decentralized, open-source gaming to the masses through the new partnership with Binance Labs.”