Australian NFT trading platform Immutable has announced a $200 million Series C funding round led primarily by Singapore state-owned investment firm Temasek and with participation from Animoca Brands and Tencent. Additional investment from ParaFi Capital, Princeville Capital and Arrington Capital, as well as current backers King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners and others, has raised Immutable’s valuation to $2.5 billion.
The company intends to use this new capital for the development of Immutable X, a layer 2 scaling solution for NFTs on the Ethereum network, and the growth of the Immutable Gaming Studio, which includes its flagship games. God’s Unchained and Guild of Guardians. Immutable X uses StarkWare’s StarkEx zero proof-of-knowledge technology to achieve scalability on Ethereum while providing video game developers with zero gas fees and a carbon-neutral environment.
Robert Ferguson, Chairman and co-founder of Immutable, tweeted that the future of gaming depends on NFT-based economies and that Immutable wants to pioneer the adoption of these assets.
1/ Thrilled to announce @Immutable‘s next chapter alongside @temasek.
NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing. https://t.co/A1q9AUJfXJ
— Robbie Ferguson (@0xferg) March 7, 2022
Ferguson added that the digital future will need open order books as opposed to siled liquidity and “genuine” decentralization on Ethereum, as well as consumer-focused projects and NFTs.
According to the company, part of Immutable’s plans for “rapid global expansion” include the addition of four new executives: Justin Hulog, former CEO of Riot Games, as director of studies; Gill Findlay, partner at AirTree ventures, as COO; John Boris, former CEO of IfOnly, as chief growth officer; and Katherine Rau, as director of personnel. Immutable also plans to grow its 165-person team with the addition of 200 new employees globally this year.
Immutable recently partnered with GameStop to develop the video game retailer’s next NFT marketplace, as well as sponsor game creators through a $100 million grant program. Other companies currently building on Immutable X include TikTok, Opensea, Ember Sword, GreenPark Sports, and Gary Vee’s Vee Friends.
Immutable is one of several blockchain and cryptocurrency-focused companies that have achieved “unicorn” status in the past year. In the startup community, a unicorn is a company that reaches a valuation of $1 billion or more.
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