Xterio, the renowned publisher responsible for highly anticipated NFT and crypto games such as Age of Dino and Overworld, secures substantial funding from Binance’s venture capital division.
Binance Labs, the venture capital and incubation arm of cryptocurrency exchange Binance, has confidently announced a substantial $15 million investment in blockchain game publisher Xterio. Xterio, a self-proclaimed “free-to-play-and-own” game developer and publisher, is pioneering a unique gaming model that combines the popular free-to-play approach with the ability for players to earn valuable NFTs while playing its games.
Xterio firmly believes that blockchain technology greatly enhances the gaming experience, with player ownership being a fundamental aspect of every game they develop. Currently, the company is actively supporting the creation of 11 exciting games, spanning various genres such as mobile Japanese role-playing games (RPGs) like Blackdawn, and massive multiplayer online (MMO) PC games like Blocklords and the RPG Abyss World.
What sets Xterio apart is its multi-chain strategy for blockchain games. Blocklords, for instance, is set to launch its crypto elements on Polygon, while Abyss World is targeting the recently launched Sui blockchain. This approach highlights Xterio’s commitment to exploring different blockchain ecosystems and maximizing the potential of each.
With the newly secured funds, Xterio intends to accelerate game and technology development while also venturing into potential artificial intelligence (AI) integrations within its titles. In fact, the company is currently developing an advanced “emotion engine for artificial intelligence” that will provide a unique gaming experience. Additionally, Xterio’s AI toolkit aims to generate stunning 2D and 3D game assets for developers, showcasing the startup’s dedication to innovation and cutting-edge technologies. Furthermore, Xterio’s AI expertise extends to the development of a digital companion game called AIpal, which is slated for a closed beta release later this year.
It is worth noting that Xterio has already demonstrated its ability to attract substantial investments. Last year, the company raised an impressive $40 million from notable investors such as FunPlus, XPLA, and FTX Ventures. In a strategic move, Xterio itself invested $2.5 million in Overworld, a multiplayer RPG game studio led by Xterio co-founder Jeremy Horn, which is actively working on its own highly anticipated title.
Co-founder Michael Tong expressed his enthusiasm for the recent investment by Binance Labs, emphasizing that it will greatly enhance Xterio’s ability to launch a transformative ecosystem token and develop high-quality games. When questioned about Binance Labs’ focus on crypto gaming, a spokesperson for the company emphasized that they firmly believe blockchain gaming is a crucial application layer.
While Binance itself is primarily known as a leading crypto exchange, offering numerous tokens, including its own BUSD stablecoin and BNB token, Binance Labs clarified that its investments are not limited to any specific blockchain or industry sector. The company is equally supportive of traditional game developers and studios venturing into the blockchain gaming space, as evidenced by their investments in game studio Gomble, alongside their partnership with Xterio.
Overall, Binance Labs’ investment in Xterio reflects their strong confidence in the potential of blockchain gaming and their commitment to fostering innovation and growth in this emerging industry.