XTerio Moves To Create AI Toolkit Using Binance Funds
A $15 million fundraising round has been announced by Binance Labs, the venture capital division of the top cryptocurrency exchange Binance, for Xterio, a promising game production studio focusing on Non-fungible Tokens (NFTs) and cryptocurrency gaming.
Xterio had received a $40 million in funding through FTX in August 2022. Among the investors were Makers Fund and XPLA, who co-led the funding. Xterio has also allotted $2.5 million to Overworld, a blockchain-based RPG game currently being developed.
This tactical investment shows Xterio’s dedication to innovation and its goal to lead the emerging blockchain gaming industry. It was also gathered that Xterio is currently working to improve the technological environment for the sector. The company is now working on creating an AI toolkit that has enormous potential for game developers.
This toolkit promises to produce top-notch 2D and 3D materials, thus, shortening the production process. Xterio is engaged in an another project called the “emotional engine for artificial intelligence,” which aims to give AI characters authentic emotions and actions to improve the gaming experience.
The funding from Binance Labs is a powerful affirmation of Xterio’s potential and its dedication to transforming the gaming sector with the help of blockchain, NFT, and cryptocurrency technologies. The money will allow Xterio to speed up the release of their next games, hire more skilled staff, and increase their development efforts.
Binance CFO Excited, Reveals Future Prospect
While expressing his excitement, Wei Zhou, the Chief Financial Officer of Binance, said, “We believe Xterio has the ability to disrupt the gaming industry with their unique approach and incorporation of blockchain technology. We are ecstatic to back their mission and eagerly anticipate seeing them succeed.”
While commenting on this development, Prateek Arora, an analyst with Inside Bitcoins, said that with the infusion of cash and the support of popular VCs, Xterio is well-positioned to establish its position in the gaming sector and further the uptake of blockchain gaming.
Arora, while explaining the features, said that Gamers could anticipate a new generation of immersive and unique gaming experiences driven by NFTs and cryptocurrencies as the firm continues to push boundaries and develop ground-breaking technology.
Zhou also revealed that the $15 million investment from Binance Labs improves Xterio’s financial situation and demonstrates the growing importance of blockchain technology and cryptocurrency gaming in the industry.
Binance, in its official statement, added that they are constantly searching for traditional game studios and developers looking to take advantage of the blockchain gaming space. They have also cited famous gaming platforms studios like Gomble and their Xterio as examples.
Xterio, on their, Twitter also made an official announcement about their recruitment process, urging prospective to be ready. Information has it that some cryptocurrency developers, writers, and builders are already making moves to join the recruitment process.
The company (Xterio) is already organizing a team of experienced Web2 and Web3 professionals on the new project. According to Yi He, Binance co-founder and head of Binance Labs: “the company is working with the best people on the job to achieve the best on-chain gaming experience.”
Mr. He has also expressed his confidence in Xteria’s team, saying they will pull off the project considering their experience in the Web2 gaming industry. Meanwhile, a closer investigation revealed that most of those team members at Xteria were once employees in NetEase, FunPlus, Krafton, and Ubisoft.
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