NFT Startup Immutable to Invest $200 Million in Blockchain Gaming
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Australia-based NFT trading platform, Immutable has announced that $200 million has been raised in a Series C funding round led by investment firm, Temasek
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The company intends to use the acquired funds to develop the Immutable X layer-2 scaling solution for NFTs
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A portion of the funding will also be used to scale the company’s gaming studio, including the development of “Gods Unchained” and “Guild of Guardian” video games
Immutable, an Australian startup responsible for the Ethereum layer-2 scaling solution designed for games and NFTs, announced a Series C funding on Monday. The company disclosed that $200 million has been raised at a valuation of $2.5 billion.
The latest funding was primarily led by Singaporean investment firm, Temasek, along with contribution from Animoca Brands and Tencent. It pushes Immutable into an expanding list of cryptocurrency startups that are valued above $1 billion.
The crypto firm is popular for the development of the Immutable X platform, a layer-2 board that works on the Ethereum blockchain. Transactions on this platform are cheaper and require less power than those on Ethereum’s mainnet.
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Meanwhile, the company has announced that it plans to use the funds raised to develop a layer-2 scaling solution for nonfungible tokens on the Ethereum network. It also plans to invest in the scaling of its gaming studio which includes flagship games like “Gods Unchained” and “Guild of Guardian” video games.
The latest funding comes after GameStop and Immutable announced a $100 million developer fund last month to power a gaming platform.
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