Binance Labs, the venture capital arm of the digital exchange, Binance, has announced an investment in open-sourced game Nine Chronicles. The strategic investment will support the company in the expansion of its team. The partnership between Binance Labs and Nine Chronicles will be a long-term undertaking. It is meant to leverage the increasing adoption of crypto, blockchain and metaverse.
The latest announcement from Binance Labs came almost three weeks after the company led the $60 million investment round of Multichain. In addition, in early January, the venture capital and innovation incubator of Binance, invested almost $12 million in WOO Network.
Commenting on the development, the two co-CEOs of Planetarium, Kijun Seo and JC Kim expressed their confidence that the partnership will help the network reach the masses. They added that the open-source gaming and decentralized concepts adopted by the network will be central to helping hit the target.
We believe that the team’s deep gaming expertise and the game’s sophisticated graphics will bring them great success in the blockchain gaming space.”
Chase Guo-Investment Director, Binance Labs
The Nine Chronicles Network is a gaming platform owned by Planetarium. Launched in October 2020, the Nine Chronicles Network has witnessed a jump in its popularity during the last few months.
Nine Chronicles is a decentralized game based on the concept of role-playing. The game uses nonfungible tokens (NFTs), which enables players to own and create their in-game assets. The platform also has its governance token, NCG, built on the Ethereum network.
The company has already distributed over 10 million NCG Tokens to players through its play-to-earn economy.
The network plans to take Nine Chronicles mainstream this year. To do that, they will be adding new competitive and collaborative features for players and guilds. Furthermore, the network will launch a mobile platform and upgrading its decentralized network infrastructure.
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