Binance Labs Denies Participation in SkyArk’s Funding Round
Binance’s venture arm, Binance Labs, has issued a statement refuting its involvement in SkyArk’s recent $15 million funding round. The clarification comes after SkyArk claimed that Binance Labs led the funding round along with 40 other institutions. However, Binance Labs clarified that it had only invested in SkyArk through its Incubation Season 3 program in 2021.
SkyArk’s Misleading Announcement
SkyArk had initially announced the participation of Binance Labs in a now-deleted post on January 12. However, after Binance Labs’ statement, SkyArk published another post stating that Binance’s venture arm was involved only in 2021 as part of the incubation program. SkyArk has not provided any further explanations for the inaccurate statements made.
Previous Partnership Between Binance Labs and SkyArk
Binance Labs had included SkyArk Studio, a Singapore-based blockchain gaming studio, in its incubation program in late 2021. The partnership was expected to revolutionize NFT gaming with proprietary assets and engine. However, the current status of the firm’s success remains uncertain.
Hot Take: Binance Labs Sets the Record Straight on Funding Round
Binance Labs has clarified that it did not participate in SkyArk’s latest funding round despite earlier claims by the project. This raises concerns about the accuracy of information provided by startups and highlights the importance of verifying investment news. Investors should exercise caution and rely on official announcements from reputable sources to make informed decisions. Inaccurate information can create confusion and potentially affect investment strategies. It is crucial for projects to maintain transparency and provide accurate updates to avoid misleading their investors.
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