Binance Labs Denies SkyArk Chronicles’ Funding Claims

A recent twist in the crypto world unfolds as gaming platform SkyArk Chronicles claims a $15 million funding round led by Binance Labs, only to face a swift denial from the crypto giant. The conflicting narratives surfaced on social media, with the original post deleted. Binance Labs refutes participation in the alleged funding, raising questions about the accuracy of SkyArk’s statements and the potential impact on the gaming platform’s credibility.

Binance Labs Refutes SkyArk Chronicles’ Funding Claims

SkyArk Chronicles, a self-proclaimed AAA gaming platform, declared a triumphant $15 million funding round led by Binance Labs, garnering attention from investors and enthusiasts alike. However, Binance Labs swiftly addressed the claim, emphasizing its non-participation in the recent financing.

This counter-statement has sparked curiosity in the crypto community, with blockchain enthusiasts now seeking more clarity on the matter. Notably, in a recent post, Binance Labs clarified that SkyArk Chronicles was incubated and invested in during 2021 through Incubation Season 3, distancing itself from the latest funding round. Binance Lab stated:

“Please note that Binance Labs did not participate in the project’s latest financing round this year. Thank you all for your attention.”

As the conflicting statements intensified, SkyArk Chronicles also made a post on the X platform, highlighting the 2021 incubation and investment. In addition, the gaming platform maintained that the recently announced funding was the “first and only round of investment raised.” Meanwhile, the dispute raises concerns about transparency in the crypto space and highlights the need for accurate reporting, especially in an industry driven by trust and credibility.

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Unraveling The Controversy

A previous post SkyArk Chronicles’ on January 12, 2024, outlining Binance Labs as the lead along with other notable players has created a buzz in the crypto market and gained attention from the market watchers. Notably, the report showed that among around 40 institutions, the most notable players were VividThree, GuildFi, Jambo, and industry figures like Bryan Pellegrino and Wangarian.

Meanwhile, Binance’s strategic selection of SkyArk Studios in 2021 added to the platform’s credibility, signaling a promising partnership. In addition, the situation unfolds against the backdrop of Binance Labs’ active investment in various projects throughout 2023, showcasing a diverse portfolio.

As the crypto community watches closely, the controversy prompts reflections on due diligence, accurate disclosures, and the evolving dynamics of partnerships in the volatile world of cryptocurrency funding.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.