15.1 C
New York

Binance Labs Bets Big on Web3 Gaming with $15M Investment in Xterio

Published:

Xterio, a platform and publisher for Web3 games, has secured a commitment of $15 million in investment from Binance Labs, the investment arm of Binance, the world’s largest cryptocurrency exchange. With this funding, Xterio will be able to introduce its own tokens and integrate advanced features such as AI into its platform.

Operating as a GameFi-as-a-service platform, Xterio empowers its developer partners to create free-to-play games. This recent investment round, which amounted to a total of $40 million, was led by FTX Ventures, XPLA, and Makers Fund.

The strategic partnership with Binance Labs will contribute to Xterio’s growth as it plans to integrate its token into the BNB Chain ecosystem. This integration will allow Binance users to access Xterio games using their Binance credentials and trade Xterio tokens on the Binance DEX.

Collaborating with Binance Labs, Xterio aims to develop an AI toolkit that can generate high-quality 2D and 3D assets and enhance its AI-driven interactive experience. These initiatives are expected to be rolled out in the coming months, enriching Xterio’s services and offering players a more fulfilling on-chain experience.

Binance co-founder and Binance Labs head Yi He expressed enthusiasm about the Xterio ecosystem’s rapid growth and its fusion of free-to-play genres with advanced on-chain gaming empowered by AI capabilities. He highlighted the prospect of enabling players worldwide to enjoy the rich on-chain gameplay offered by Xterio, attributing the success to the combined expertise of Xterio’s core team in both Web2 and Web3.

Binance Labs’ investment in Xterio is indicative of the company’s commitment to supporting innovative companies at the forefront of the Web3 revolution. Web3 gaming, a subset of Web3, leverages blockchain technology to create decentralized games, providing players the opportunity to earn virtual currencies, acquire virtual assets, and engage in unique experiences. As a pioneer in this field, Xterio, through its collaboration with Binance Labs, will drive the advancement of the cryptocurrency mining market.

Web3 gaming offers various advantages, including true ownership of in-game assets stored on the blockchain, enabling players to buy, sell, and trade assets for cryptocurrencies. It also ensures enhanced safety and security through distributed ledgers and encryption protocols, giving players greater control over game rules and mechanics.

In summary, Binance Labs’ investment in Xterio represents a significant stride in the evolution of Web3 gaming. Xterio’s advanced platform and AI capabilities are set to deliver more immersive on-chain gaming experiences for players, with the support of Binance Labs enabling its expansion to a wider audience. As a leader in the new wave of Web3 games, Xterio is poised to shape the future of Web3 gaming, marking an exciting era for gamers.

First reported on Coindesk

Frequently Asked Questions

Q: What is Xterio?

A: Xterio is a Web3 game platform and publisher that offers a GameFi-as-a-service product, enabling developer partners to create free-to-play games and providing a platform for third-party game development.

Q: How much funding did Xterio receive from Binance Labs?

A: Xterio has received an investment commitment of $15 million from Binance Labs, the investment arm of Binance, the world’s largest cryptocurrency exchange.

Q: What are the plans for the funding received by Xterio?

A: The funding will allow Xterio to launch its own tokens and incorporate advanced features such as artificial intelligence (AI) into its platform. It will also be used to enhance the AI-driven interactive experience and develop an AI toolkit for generating high-quality 2D and 3D assets.

Q: Who led the recent funding round for Xterio?

A: The recent funding round for Xterio was led by venture capital firm FTX Ventures, along with XPLA and Makers Fund. The total funding secured in this round amounted to $40 million.

Q: How will the strategic partnership with Binance Labs benefit Xterio?

A: The strategic partnership with Binance Labs will facilitate Xterio’s growth by integrating its token into the BNB Chain ecosystem. Binance users will be able to access Xterio games using their Binance credentials and trade Xterio tokens on the Binance decentralized exchange (DEX).

Q: What is the vision behind Xterio’s expansion and AI-driven interactive experience?

A: Xterio aims to enhance its offerings and provide players with a more immersive on-chain gaming experience. Through the development of an AI toolkit, Xterio plans to generate high-quality 2D and 3D assets using artificial intelligence technology. These plans will be implemented in the coming months.

Q: What is Web3 and how does it relate to Xterio?

A: Web3 refers to the next stage of internet development that incorporates blockchain technology into decentralized applications. Xterio operates within the Web3 space, utilizing blockchain technology and decentralized principles to create a new gaming experience.

Q: What are the advantages of Web3 gaming over traditional gaming?

A: Web3 gaming offers several advantages, including true ownership of in-game assets stored on the blockchain, enabling players to buy, sell, and trade assets for cryptocurrencies. Web3 gaming also provides enhanced safety and security through distributed ledgers and encryption protocols. Additionally, Web3 gaming offers players greater control over game rules and mechanics, fostering a more democratic and customizable gaming experience.

Q: What does Binance Labs’ investment in Xterio signify?

A: Binance Labs’ investment in Xterio reflects its commitment to supporting innovative businesses at the forefront of the Web3 revolution. It demonstrates Binance Labs’ belief in the potential of Web3 gaming and its dedication to driving the development of the cryptocurrency mining industry.

Q: What is the outlook for Xterio and Web3 gaming?

A: The funding from Binance Labs will propel Xterio’s growth and contribute to the advancement of Web3 gaming. Xterio’s platform and AI capabilities will provide players with a more engaging on-chain gaming experience. As a pioneer in Web3 gaming, Xterio is well-positioned to shape the future of this exciting gaming frontier.

Featured Image Credit: Unsplash

Related articles

Recent articles