Binance Labs Invests $15M in Xterio Gaming Platform

Xterio, the publisher behind upcoming crypto and NFT games like Age of Dino and Overworld, has secured funding from Binance's venture capital arm.

Binance Labs, the venture capital and incubation arm of Binance, has invested $15 million in the blockchain gaming publisher Xterio, the company announced on July 12, 2023.

Xterio is the developer and publisher of "free-to-play-and-own" games, meaning it adopts a model where games are free to play but also provide players the ability to earn NFTs through gameplay.

"We believe blockchain technology enhances gaming experiences and player ownership is a critical aspect of every Xterio game," Xterio stated.

Startup Xterio is supporting the development of 11 listed games on its website, ranging from mobile RPGs to PC MMO games like Blocklords and RPG Abyss World.

Xterio appears to be adopting a multi-chain approach for its blockchain games, with Blocklords launching its in-game assets on Polygon and Abyss World opting for the newly launched Sui.

Xterio plans to utilize the funds to further develop its games and technology, as well as explore integrating potential artificial intelligence (AI) into its games.

Binance Labs noted that Xterio is currently developing an "emotion engine for artificial intelligence." Xterio's AI toolkit also aims to create 2D and 3D game content for developers. The startup is using its AI technology to develop AIpal, expected to launch a closed beta later this year.

In August 2022, Xterio raised $40 million in funding from investors like FunPlus, XPLA, and FTX Ventures (now defunct). Earlier this year, Xterio also invested $2.5 million in Overworld, a multiplayer RPG studio led by Jeremy Horn, Xterio's co-founder, developing its eponymous game.

"Binance Labs' investment enhances our ability to launch token ecosystem and high-quality games," said Michael Tong, co-founder of Xterio.

While Binance itself is a cryptocurrency exchange offering various assets like tokens, stablecoins like BUSD, and its own BNB token, Binance Labs focuses heavily on investing in innovations within the blockchain industry.

Binance Labs stated that it supports traditional game developers transitioning more into the blockchain gaming space in the future.