Immutable raises $200M to invest in blockchain gaming, bringing valuation to $2.5B

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Australian NFT buying and selling platform Immutable announced a $200 million Sequence C funding spherical led primarily by Singaporean state-owned funding agency Temasek and with participation from Animoca Manufacturers and Tencent. Extra funding from ParaFi Capital, Princeville Capital and Arrington Capital in addition to from current backers King River Capital, Prosus Ventures, AirTree Ventures, Declaration Companions and others have raised Immutable’s valuation to $2.5 billion.  

The corporate intends to place this capital towards creating its Immutable X layer-2 scaling resolution for nonfungible tokens (NFTs) on the Ethereum community and scaling Immutable Gaming Studio, which incorporates its flagship Gods Unchained and Guild of Guardians video video games. Immutable X makes use of StarkWare’s StarkEx zero-knowledge proof know-how to attain scalability on Ethereum whereas offering recreation builders with zero fuel charges and a carbon-neutral surroundings.

Robbie Ferguson, Immutable’s co-founder and president, tweeted that the way forward for gaming depends on NFT economies and that Immutable desires to pioneer NFT adoption.

Associated: Monthly NFT buyers dip below 800K as searches ‘fall off a cliff’

Ferguson added that the digital future will want open order books versus siloed liquidity, and “real” decentralization on Ethereum in addition to consumer-focused NFT tasks.

In line with the corporate, a part of Immutable’s plans for “fast world enlargement” embrace onboarding 4 new executives: Justin Hulog, former Riot Video games common supervisor, as chief studio officer; Gill Findlay, AirTree ventures accomplice, as chief working officer; John Boris, former CEO of IfOnly, as chief development officer; and Katherine Rau as chief folks officer. Immutable additionally plans to develop its 165-person workforce by including 200 new workers globally this yr.

Associated: Immutable X (IMX) price soars after GameStop partnership and new project launches

Lately, Immutable partnered with GameStop to develop the sport retailer’s upcoming NFT market in addition to sponsor recreation creators by way of a $100 million grant program. Different corporations at present constructing on Immutable X embrace TikTok, OpenSea, Ember Sword, GreenPark Sports activities and Gary Vee’s Vee Pals.

Immutable is one in every of a number of blockchain and crypto-focused corporations to have achieved “unicorn” status over the previous yr. Within the startup group, a unicorn is an organization that achieves a valuation of $1 billion or extra.