Shaw and Partners assists Crypto Gaming United raise US$5 million in an oversubscribed seed round. News09 Sep 2021

Play-to-earn is booming, with startups Crypto Gaming United and ZEBEDEE closing funding rounds of $5 million and $11.5 million, respectively. Crypto Gaming United, a startup aiming to build a global community of nonfungible token (NFT)-focused play-to-earn gamers, has raised $5 million in an oversubscribed seed funding round.

 

A September 8 announcement notes the round was led by famed Australian venture capitalist Mark Carnegie and Crono.tech CEO Sergei Sergienko — with the pair having co-founded the crypto-focused asset manager MHC Digital Finance.

 

Australian investment managers Shaw and Partners and Blockchain Assets Pty Ltd also participated in the round.

 

Crypto Gaming United, a startup aiming to build a global community of nonfungible token (NFT)-focused play-to-earn gamers, has raised $5 million in an oversubscribed seed funding round.

A Sept. 8 announcement notes the round was led by famed Australian venture capitalist Mark Carnegie and Chrono.tech CEO Sergei Sergienko — with the pair having co-founded the crypto-focused asset manager MHC Digital Finance.

 

Australian investment managers Shaw and Partners and Blockchain Assets also participated in the round.

 

Crypto Gaming United was established in August of this year and has already attracted more than 1,500 members and has a waiting list of almost 40,000. The guild helps members to play the popular NFT-based game Axie Infinity by offering scholarships where sponsors provide expensive game assets to players who can use them to generate revenue.

 

Despite its seed round being led by Australian investors, the guild is comprised predominantly of Filipino players, with users also hailing from Indonesia, South Africa, and India. With most guild members hailing from low-income economies, many players may not have the means to acquire the expensive digital assets needed to play Axie Infinity amid a surging crypto bull market.

Crypto Gaming United is not the only company offering Axie Infinity scholarships, with sponsorship programs typically taking a share of the profits earned by players.

 

Sergienko stated: “The opportunity for wealth creation in the NFT space is no longer limited to those with the means, such as sports celebrities. At Crypto Gaming United, we are overcoming the cost barrier required for admission to play, thereby allowing players to generate income through their gaming exploits.”

 

The gaming guild ambitiously hopes to amass a user base of more than 100,000 within the next 18 months.

 

Carnegie is not alone in believing the innovative play-to-earn titles built on NFTs will see the crypto sector capture an increasing share of the $200 billion annual online gaming industry.

 

On Sept. 7, Zebedee raised $11.5 million in Series A funding to expand its gaming initiatives including enabling game developers to pay out rewards to players in the form of crypto assets.

 

Launched in 2019, Zebedee provides the platform and tools to enable Bitcoin to be used as in-game rewards and micro-transactions via Lightning Network infrastructure. Simon Cowell, co-founder and CEO, was previously head of corporate development at Bitstamp, the world’s longest-standing Bitcoin exchange.

 

Zebedee’s round was led by Lakestar, and also featured participation from Initial Capital, New Form Capital, and numerous gaming angels.

 

Article source: Coin Telegraph, 9 September 2021

 

Related Articles
News24 Sep 2021 Shaw and Partners appointed Joint Lead Manager to the Tesserent capital raising
Shaw and Partners is raising $20 million for ASX-listed Tesserent Limited, as the cybersecurity firm lines up acquisitions.   The offer is priced at 21¢ and an 11 per cent discou... Read More
News23 Sep 2021 Uranium play Silex Systems in $40m deal via Shaw and Partners, Euroz
Silex Systems is seeking to cash in on investor interest with a $40 million equity raising.   Stockbrokers EurozHartleys and Shaw and Partners were lining up funds for the deal o... Read More
News21 Sep 2021 Shaw and Partners congratulates Tom Trbojevic on winning the 2021 NRL Try of the Year Award
As a premier partner and proud sponsor of the Manly Warringah Sea Eagles, Shaw and Partners congratulates Tom Trbojevic on winning the 2021 NRL Try of the Year Award. Yes, it was ... Read More
News21 Sep 2021 Shaw and Partners announced as Title Partner of Erebus Motorsport for 2021 Bathurst 1000
Erebus Motorsport has announced investment and wealth management firm Shaw and Partners as title partner for this year’s Bathurst events, both in real-life and in the virtual world... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%