In addition to being the world’s largest cryptocurrency exchange in terms of trading volume, Binance, a leader in many areas of the cryptocurrency sector with its subsidiaries, announced a significant investment.
Binance Labs, the venture arm of Binance, has made a substantial investment in a blockchain gaming company. Binance Labs announced an investment of $15 million in blockchain-based game developer Xterio.
Xterio stands out with a concept named “free-to-play-and-own”, aiming to make both playing and owning the game free. It’s also mentioned that the team provides a chance to win NFTs through games.
“We believe that blockchain technology will create a better gaming experience and experience. Ownership is of critical importance for every game of Xterio,” states the startup, which currently supports the development of 11 games listed on its website. These range from mobile Japanese RPG games to popular MMOs similar to Blackdawn, and even computer games like Blocklord. Xterio also announced it would provide multi-network support, with the Blocklords game to be launched on the Polygon network and Abyss World to feature the Sui blockchain network.
In their statement about the funding, the Xterio team emphasized that all funds will be used for game development, and potential artificial intelligence integrations will be explored.
Xterio is currently working on an “emotion engine for artificial intelligence” and is looking to instill emotions into artificial intelligence. The actual reason for Binance Labs’ investment might be the transformation this offers for the future. Xterio’s artificial intelligence kit plans to produce two and three-dimensional in-game assets for all developers.
Last year, Xterio had raised $40 million in funding, with FTX among the funders. Following this, Xterio received an additional investment of $2.5 million this year. Binance’s investment clearly indicates the project’s promising future for blockchain games.