Web3 game publisher Xterio receives $15M backing from Binance Labs
Blockchain game publisher Xterio, known for their upcoming blockchain-based games like Overworld and Age of Dino, has secured a $15 million investment from Binance Labs, the venture capital arm of cryptocurrency exchange Binance.
Another leap for Web3 gaming
The announcement, which includes the development of artificial intelligence (AI) and Web3 technologies, was made today. The reveal was done on both Xterio’s Twitter and Binance’s blog.
Known as a “free-to-play-and-own” game developer and publisher, Xterio offers players a cost-free gaming experience, no investment necessary, while giving them the opportunity to earn non-fungible tokens (NFTs).
At present, Xterio supports the development of 11 games. The list includes Blackdawn, a Japanese role-playing game (JRPG) for mobile, Blocklords, a PC-based massively multiplayer online (MMO) game, and the RPG Abyss World.
In addition, Xterio is implementing a multi-chain approach to blockchain games. For example, Blocklords will incorporate its crypto features on Polygon, whereas Abyss World will be launched on the newly introduced Sui blockchain.
Incorporating AI into game development
Xterio is considering potential applications of artificial intelligence (AI) in their titles. “We’re currently developing an emotion engine for artificial intelligence,” Binance Labs reported. The AI initiative by Xterio extends to the creation of 2D and 3D game assets for developers.
Strong financial backing
In a recent funding round last August, Xterio successfully raised $40 million from investors, including FunPlus and XPLA. Xterio, having solid financial standing, had previously invested $2.5 million into Overworld, a multiplayer RPG game studio led by Jeremy Horn, Xterio’s co-founder.
Michael Tong, co-founder of Xterio, expressed his optimism about the new funding:
“Binance Labs’ investment enhances our ability to launch a transformative ecosystem token and high-quality games,”
Despite Binance having its own layer 1 blockchain, its VC arm maintains that investments are “chain and sector agnostic.” Binance Labs will continue supporting traditional game developers and studios transitioning to the blockchain gaming space, as evident in its investments in game studios like Gomble and Xterio.
