Binance’s investment arm has committed $15 million to Web3 gaming startup Xterio
Binance Labs, the venture capital and incubation arm of Binance, the largest cryptocurrency exchange in the world, has invested $15 million into blockchain game publisher Xterio, the firm announced Wednesday. Xterio is a Switzerland-based “free-to-play-and-own” game developer and a team of technology and entertainment leaders with deep free-to-play games experience. It’s embracing the dominant free-to-play gaming model, but will also offer players the ability to earn NFTs by playing its games.
According to a blog post on Binance’s official Website, the Xterio ecosystem is expanding faster than ever. The Web3 gaming startup leverages the power of artificial intelligence to bridge free-to-play genres with on-chain gaming. The long-term strategic partnership with the crypto giant will allow Xterio to expand its tech and further integrate artificial intelligence into its products. The investment will be used to accelerate the development of games incubated by Xterio.
Binance co-founder Yi He stated that Xterio’s core team consisted of experienced professionals from the Web2 and Web3 spaces. He, who also heads the crypto exchange’s investment arm, added that the gaming platform would also use the investment to develop games incubated by its partners.
“In partnership with Binance Labs, we envision unlimited potential, and aim to reinforce our position as a leading Web3-focused publisher with a global reach, utilizing our East and West teams,” Michael Tong, co-founder of Xterio
As the venture capital arm and accelerator of Binance, Binance Labs is on the continued lookout for the next big Web3 innovation. Since 2018, Binance Labs has invested in more than 200 projects from 25 countries. The investment from Binance Labs will also accelerate Xterio’s token launch. The token will eventually become a part of the BNB Chain ecosystem and support the Web3 gaming startup’s growth. Xterio’s founding team consists of seasoned leaders from popular gaming giants including Electronic Arts, Activision, Ubisoft, Blizzard, and NetEase. The firm is currently developing an AI toolkit that generates style-consistent, production-quality 2D and 3D assets.
