Binance Labs Clarifies Non-Involvement in SkyArk Chronicles' Claimed Investment
Jessie A Ellis Jan 30, 2024 00:45
Binance Labs recently clarified its non-involvement in SkyArk Chronicles' claimed $15M investment round, spotlighting the need for factual accuracy and transparent communication in blockchain project investments.
Binance Labs, a significant player in the blockchain and cryptocurrency investment industry, has addressed the ambiguity that surrounds its involvement in a funding round for SkyArk Chronicles, a project that was built by SkyArk Studios and was recently brought to light. There was a lot of doubt around Binance Labs' participation in the fundraising round. After SkyArk Studios made the statement that they were going to raise $15 million in an investment round, which was apparently led by Binance Labs, the topic became a contentious one.
Binance Labs claims that prior to the announcement being made, they were unaware of the investment guarantee that was made by SkyArk Chronicles. this was the case before the announcement was made. This lack of prior contact was in direct contrast to the standard protocol, which says that projects are obligated to inform Binance Labs prior to making public remarks regarding investments in line with the terms of their investment contracts. This was a violation of the standard protocol.
The crew at SkyArk Chronicles was contacted by Binance Labs immediately after the news was reported, and they demanded that any mention of Binance or Binance Labs be erased from any communication that they had already made. It was determined, on the other hand, that the project had merely made the decision to delete the tweet without providing any explanation on the facts.
Binance Labs has made it very apparent that their major objective is to provide fair support for the goal of expanding and developing the projects that are featured in their portfolio. They pushed for a concentration on product creation rather than speculation based on misunderstandings about money, which they argued contributed to the uncertainty. When it comes to the blockchain and cryptocurrency industry, this event exemplifies the need of using communication tactics that are not just transparent but also truthful when making statements on investments and funding.
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