Binance Labs recently clarified its non-participation in SkyArk Chronicles’ stated $15 million investment round, highlighting the need for factual accuracy and transparent communication in blockchain project investments.
Binance Labs, a major player in the blockchain and cryptocurrency investment industry, has addressed the uncertainty surrounding its participation 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 surrounding Binance Labs’ participation in the fundraising round. After SkyArk Studios made a statement that they would raise $15 million in an investment round apparently led by Binance Labs, the topic became controversial.
Binance Labs claims that before the announcement was made, they were unaware of the investment pledge made by SkyArk Chronicles. this was the case before the announcement was made. This lack of prior contact was in direct contrast to standard protocol, which states that projects are required to inform Binance Labs before making public remarks about investments in accordance with the terms of their investment contracts. This was a breach of standard protocol.
The SkyArk Chronicles team contacted Binance Labs immediately after the news broke and they requested that any mention of Binance or Binance Labs be deleted from any communication they have already made. On the other hand, it was found that the project simply decided to delete the tweet without providing an explanation of the facts.
Binance Labs has made it very clear that their main goal is to provide fair support for the purpose of expansion and development of the projects that are represented in their portfolio. They urged a focus on product creation rather than speculation based on misunderstandings about money, which they say contributes to uncertainty. As far as the blockchain and cryptocurrency industry is concerned, this event illustrates the need to use communication tactics that are not only transparent, but also truthful when making statements about investments and funding.
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