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Immutable raised $60 million in a Series B funding round, reaching a total of $77.5 million. The highly reliable layer 2 scalability protocol for NFTs on Ethereum (ETH/USD) has created the underlying technical infrastructure to power NFT trading for any business, not unlike how major payment platforms enable online commerce.
Funds to be invested in expansion and partnerships
The funding from the Series B round, which was co-led by BITKRAFT Ventures and King River Capital with the involvement of Galaxy Interactive, Alameda Research, Apex Capital, and other notable investors, will be used to strength key partnerships with gaming companies and expand the global engineering and sales team.
NFT market sales hit $2.5B this year
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The NFT market reached $2.5 billion in sales in 2021, up from $13.7 million in the first two quarters of 2020. Immutable enables businesses to trade and create carbon-neutral NFTs on Ethereum, the world’s most popular blockchain. It features instant transaction times, an impressive 9,000 transactions per second, and zero-gas fees for trading or creating NFTs.
Massive scaling capacity
The Immutable protocol is capable of massive scalability without risks to security, having been built with StarkWare’s ZK-rollup. Less secure solutions relying on a connection to Ethereum through centralized “bridges” suffered losses of $600 million from hacking just last month. Instead of bridges, Immutable relies on zero-knowledge proofs.
Robbie Ferguson, Cofounder at Immutable, shared his company’s goals:
“NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing – the security and user-base of Ethereum. We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”
Jens Hilgers, Founding Partner at BITKRAFT Ventures, commented:
“We are excited by the prospects of this next-generation scalability infrastructure broadening accessibility for a new wave of blockchain game developers. The future of asset trading is digital and in-game items and in-game digital assets will broadly move onto the blockchain. To support and accelerate this shift, the industry is in need of a scalable, fast, efficient and trusted blockchain layer. With Immutable we have found the best team and product in the market to make this industry shift a reality.”
Zeb Rice, Founding Partner at King River Capital, said:
“We are delighted to be working with Immutable on this capital raising, which will give the business the financial support to further enhance its position as a market leader in gaming and other verticals, where the company already has a strong reputation and established user base.”