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HomeCryptocurrencyWeb3 infrastructure agency ChainSafe raises $18.75M as consideration shifts to GameFi

Web3 infrastructure agency ChainSafe raises $18.75M as consideration shifts to GameFi

Canadian Web3 infrastructure firm ChainSafe has closed an $18.75 million funding spherical that was backed by outstanding business enterprise corporations, placing the corporate on observe to broaden operations at a time when demand for blockchain infrastructure and gaming companies was on the rise.

The Collection A spherical was led by enterprise agency Round13 with extra participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe stated the funding would go towards supporting the expansion and adoption of Web3 expertise.

ChainSafe’s founding crew met at an Ethereum meetup in Toronto in 2017. Later that 12 months, ChainSafe was based as a blockchain analysis and improvement agency. The corporate primarily focuses on multi-chain R&D and different Web3 umbrella applied sciences and has developed a software program improvement package connecting video games constructed on the Unity platform to the blockchain.

Following the launch of CryptoKitties in 2017, the wedding between gaming and blockchain expertise has solely grown stronger. As reported by Cointelegraph, the market capitalization of blockchain video games was round $25 billion in the beginning of 2022. Whereas crypto market capitalization has declined markedly over the previous six months, which has impacted the blockchain gaming sector, enterprise capital continues to take a position closely within the area. In accordance with DappRadar, blockchain video games and metaverse tasks raised $1.3 billion in enterprise financing within the third quarter alone.

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Whereas estimates fluctuate, blockchain gaming, or GameFi as it’s typically known as, might see excessive multi-billion-dollar valuations within the coming years. These near the business say that blockchain video games will profit from the roughly 1 billion on-line gaming streamers anticipated by 2025.