Binance Labs invests $15 million in crypto game publisher Xterio

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Cryptocurrency exchange Binances, venture capital and incubation arm Binance Labs, has invested $15 million in blockchain game publisher Xterio, the company announced on Wednesday.

Xterio markets itself as a free-to-play game developer and publisher, which means it adopts the mainstream free-to-play model, but will also offer players the opportunity to earn NFTs by playing its games.

We believe blockchain technology enables a better gaming experience, says the Xterios website. And player ownership is a key aspect of every Xterio game.

The startup currently supports the development of 11 games listed on its website, ranging from mobile Japanese role-playing games (RPGs) like Blackdawn to massively multiplayer online (MMO) PC games like Blocklords and the RPG Abyss World.

Xterio also appears to be taking a multi-chain approach to blockchain gaming, as Blocklords will launch its crypto assets on Polygon while Abyss World has set its sights on the recently launched Sui blockchain.

Xterio said it will use the funds for game and technology development, as well as exploring potential artificial intelligence (AI) integrations into its titles.

Xterio is currently developing an emotion engine for artificial intelligence, Binance Labs said. The Xterios AI toolkit also aims to generate 2D and 3D game assets for developers. The startup is also using its AI technology to develop digital companion game AIpal, which is expected to launch a closed beta later this year.

Last August, Xterio raised $40 million in funding from investors including FunPlus, XPLA, and now-defunct FTX Ventures. Earlier this year, Xterio itself invested $2.5 million in Overworld, a multiplayer RPG game studio headed by Xterio co-founder Jeremy Horn, which is developing its eponymous title.

Binance Labs’ investment enhances our ability to launch a transformative ecosystem token and high-quality games, Xterio co-founder Michael Tong said in a statement.

When asked if crypto gaming was a primary area of ​​focus for Binance Labs, a spokesperson told Decrypt that the company [believes] that blockchain gaming is a key area for application layers.

While Binance itself is a crypto exchange that offers many tokens as well as its own BUSD stablecoin and BNB token, Binance Labs told Decrypt that its investments are chain- and sector-agnostic.

Binance Labs said it supports traditional game developers and studios moving into the blockchain gaming space, citing its investments in game studio Gomble as well as Xterio.

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