Binance’s incubation and venture capital arm Binance Labs has committed $15 million to web3 games platform Xterio, reports Venturebeat.
Xterio aims to bridge free-to-play and blockchain gaming, and is currently working on both first and third-party games. The company has previously acted as a strategic partner of Binance, and will utilise the investment to expand its development capabilities, launch its tokens, and integrate artificial intelligence.
Another link in the blockchain
Xterio’s founding executive team bring a slate of skills to the table, having worked in a variety of tech, web2 gaming, and entertainment companies, including mobile heavyweights NetEase, FunPlus, and Jam City. This experience has given the team a wealth of experience in creating free-to-play social games on both mobile and PC. The company is accelerating rapidly, with a slate of upcoming releases across platforms. As part of the investment, the company will sell digital collectibles on both its web platform and marketplace.
“This significant capital commitment affirms Binance Labs’ long-term view of Web3 gaming and recognizes Xterio as a top-tier, globally impactful Web3 game platform,” said Xterio co-founder Michael Tong. “Binance Labs’ investment enhances our ability to launch a transformative ecosystem token and high-quality games. 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, utilising our East and West teams.”
Following the investment, Xterio’s token will be integrated into the BNB chain ecosystem. Additionally, the company will expand its AI capabilities and develop interactive experiences leveraging the power of artificial intelligence.
“The Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming enhanced by AI capabilities,” said Yi He, cofounder of Binance and head of Binance Labs, in a statement. “The Xterio core team brings together experienced Web2 professionals with Web3 expertise, we look forward to closely working with them to allow gamers around the world to experience rich on-chain gameplay.”
This commitment by Binance Labs follows Xterio raising $40 million for mobile web3 games in September.
