In a surprising turn of events, Binance Labs Fund has issued a statement denying its participation in SkyArk Chronicles‘ recent funding round, which reportedly raised $15 million.
The venture arm of Binance, one of the world’s largest cryptocurrency exchanges, expressed its lack of awareness regarding the investment and asserted that it had only supported SkyArk Chronicles through its incubation program in 2021.
SkyArk chronicle
SkyArk Chronicles, founded in 2021, is a notable AAA gaming platform designed to connect players within a multiverse created by the mythical figure Satoshi Nakamoto. The project gained recognition and support when its SkyArk Studio was selected as part of Binance Labs’ Incubation Program during Season 3.
At the beginning of the year, SkyArk Chronicles announced the successful conclusion of its funding round, asserting that Binance Labs had led the investment.
However, Binance Labs has now distanced itself from these claims, prompting a significant development in the ongoing story.
Binance Labs’ response
Binance Labs’ response to the situation has been swift and clear. In a Twitter post dated the venture arm clarified that its involvement with SkyArk Chronicles was limited to the 2021 incubation program.
The subsequent detailed statement emphasized that they were unaware of the $15 million funding round and had to issue a unilateral clarification to state the facts.
The statement read, “Before the SkyArk Chronicles team released the announcement, we were unaware of the $15M investment and the mention of Binance Labs leading it. If the project had notified us and stuck to the facts, we would have been fine with it.”
SkyArk chronicles miscommunication
It appears that the controversy arose from a now-deleted social media post by SkyArk Chronicles, where they enthusiastically praised Binance Labs’ participation in the funding round. The post also mentioned contributions from 40 other institutions, including prominent names like Tangent Ventures co-founder Darryl Wang and LayerZero CEO Bryan Pellegrino.
However, SkyArk Chronicles has since issued an apology for the miscommunication and expressed appreciation for the clarity provided by Binance Labs. The project team has reaffirmed its commitment to making SkyArk a success.
Implications of the situation
The recent developments in the SkyArk Chronicles funding round have raised questions about the accuracy of information within the cryptocurrency and blockchain industry. It serves as a reminder that transparency and factual reporting are essential, particularly when significant investments and partnerships are at stake.
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