Canadian Web 3.0 infrastructure company ChainSafe has closed an $18.75 million funding round backed by leading industry venture capital firms, putting the company on track to expand its operations at a time when demand of blockchain infrastructure and gaming services is on the rise.
The Series A round was led by venture capital firm Round13, with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group, and Fenbushi Capital. ChainSafe said the capital injection would go towards supporting the growth and adoption of Web 3.0 technology.
The founding team of ChainSafe met at an Ethereum meetup in Toronto in 2017. That same year, ChainSafe was founded as a blockchain research and development company. The company is primarily focused on cross-chain R&D and other of the broad range of technologies that make up Web 3.0. It recently released a software development kit that connects games built on the Unity platform to a blockchain network.
‘We’re still early’ — @CatheonGaming says blockchain games currently have a market share of just 5%, and is building an irresistible portfolio to attract players. [Sponsored] https://t.co/kwLaE3EFp8
— Cointelegraph (@Cointelegraph) October 10, 2022
After the launch of CryptoKitties in 2017, the union between gaming and blockchain technology has only grown stronger. As Cointelegraph reports, the blockchain gaming market capitalization was about $25 billion at the start of 2022. While the cryptocurrency market capitalization has declined markedly in the last six months, impacting the blockchain gaming sector, venture capital continues to invest heavily in the space. According to DappRadar, blockchain and metaverse gaming projects raised $1.3 billion in venture funding in the third quarter alone.
Though estimates vary, blockchain gaming, or GameFi as it’s popularly known, could reach multi-million dollar valuations in the next few years. People close to the industry claim that blockchain-based games will benefit from the roughly 1 billion streamers expected by 2025.
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