Binance Labs, the incubation and venture capital arm of Binance, has made a significant investment of $15 million in Xterio, a platform that aims to merge free-to-play gaming with blockchain technology, according to Venturebeat. Xterio is currently developing both first-party and third-party games and has previously collaborated with Binance as a strategic partner. The funding will be utilized to expand Xterio’s development capabilities, launch its tokens, and integrate artificial intelligence into its ecosystem.
Xterio’s founding executive team comprises experienced professionals from the tech, web2 gaming, and entertainment sectors, including veterans from NetEase, FunPlus, and Jam City. Their collective expertise in creating free-to-play social games for mobile and PC platforms has accelerated the growth of Xterio. The company has a lineup of upcoming game releases across various platforms, and as part of the investment, Xterio will also sell digital collectibles on its web platform and marketplace.
“This significant capital commitment affirms Binance Labs’ long-term vision for Web3 gaming and recognizes Xterio as a globally impactful Web3 game platform,” said Michael Tong, co-founder of Xterio. Tong further stated that the investment from Binance Labs will strengthen Xterio’s ability to launch a transformative ecosystem token and high-quality games. The partnership between Xterio and Binance Labs aims to establish Xterio as a leading Web3-focused publisher with a global reach.
Following the investment, Xterio’s token will be integrated into the BNB chain ecosystem. Additionally, the company plans to enhance its artificial intelligence capabilities and develop interactive experiences leveraging AI technology.
“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, co-founder of Binance and head of Binance Labs. He expressed excitement about working closely with the experienced Web2 professionals at Xterio to provide gamers worldwide with rich on-chain gameplay.
The investment by Binance Labs comes after Xterio raised $40 million for mobile web3 games in September.