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Binance Labs Makes a Large Bet on Web3 Gaming by Investing $15 Million in Xterio

Xterio, a Web3 game platform and publisher, has received an investment commitment of $15 million from Binance Labs, the investment arm of Binance, the largest cryptocurrency exchange in the world by trading volume. Xterio will be able to launch its own tokens and incorporate cutting-edge features like AI thanks to the money it has raised.

Xterio is a GameFi-as-a-service platform that enables its developer partners to build free-to-play games. The venture capital firm FTX Ventures, along with XPLA and Makers Fund, recently led a $40 million funding round for Xterio.

Xterio’s growth will be aided by Binance Labs’ strategic partnership, as the company’s token will be incorporated into the BNB Chain ecosystem. Binance users can now use their Binance credentials to access Xterio games and trade Xterio tokens on the Binance DEX.

Xterio is working with Binance Labs to build an AI toolkit that can generate high-quality 2D and 3D assets and expand its AI-driven interactive experience. These plans will be put into action over the next few months, improving Xterio’s services and giving players a more satisfying on-chain experience.

According to Binance co-founder and Binance Labs head Yi He, the Xterio ecosystem is rapidly growing and combining free-to-play genres with on-chain gaming improved by AI capabilities. He went on to say that he was thrilled at the prospect of letting gamers all over the world enjoy Xterio’s rich on-chain gameplay because the Xterio core team combines expertise from both Web2 and Web3.

The investment by Binance Labs in Xterio is indicative of the company’s dedication to backing innovative companies at the vanguard of the Web3 revolution. Incorporating blockchain technology into decentralized applications, Web3 is the next generation of the internet that will give users more security, privacy, and autonomy.

As a subset of Web3, Web3 gaming employs blockchain technology to create decentralized games, giving players the opportunity to earn virtual currencies, acquire virtual assets, and take part in truly one-of-a-kind adventures. Xterio is a pioneer in this field, and its collaboration with Binance Labs is what will ultimately propel the development of the cryptocurrency mining market.

The benefits of playing games on the web are numerous. All in-game assets in Web3 games are stored on the blockchain, making all virtual items collected by players fully owned by them. New ways to make money from gaming are made possible by the ability to buy, sell, and trade assets for cryptocurrency. The distributed ledger records all financial transactions, and strong encryption protocols keep players’ identities secret. Because of the lack of middlemen in Web3 games, players have more say in the design of the game’s rules and mechanics, making for a more egalitarian experience.

In conclusion, Binance Labs’ funding of Xterio is a major step forward for the evolution of Web3 gaming. The cutting-edge platform and AI capabilities of Xterio will allow for a more engaging on-chain gaming experience for players. Thanks to Binance Labs, Xterio will be able to spread to a wider audience. Xterio is ahead of the curve when it comes to the new wave of Web3 games, which is an exciting time to be a gamer.

First reported on Coindesk

Frequently Asked Questions

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Q: What is Xterio?

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

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

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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?

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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?

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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?

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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?

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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?

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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?

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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 the use of 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?

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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?

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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

Deanna Ritchie

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Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.


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