Immutable Secures $60M To Scale NFT Projects on Ethereum - CoinQuora
- Immutable announced it raised $60 million in a Series B funding round.
- The company said it will use the fund to expand its global engineering and sales team.
- The funding will also be used to scale the growth of Immutable’s NFT games.
The Layer-2 scalability protocol for non-fungible tokens (NFTs) on Ethereum raised $60 million to scale world-class, carbon-neutral NFT projects.
Today, Immutable announced it raised $60 million in a Series B funding round, bringing its total funding to $77.5 million. According to the company, they will use the fund to expand the global engineering and sales team. Also, with the fund, the team will strengthen key partnerships with gaming companies.
In addition, the funding will also be used to scale the growth of Immutable in-house published NFT games. This includes the NFT trading card games — Gods Unchained and Guild of Guardians.
Furthermore, BITKRAFT Ventures and King River Capital side by side led the Series B round. Not to mention, the funding round saw an attendance of world-class angel investors like Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund.
With zero gas fees, instant trades, and scalability for games, applications, marketplaces, without compromise, Immutable allows businesses to create and trade NFTs on the world’s most popular blockchain — Ethereum.
In April, when the company launched Immutable X as a platform for games with non-fungible tokens, Robbie Ferguson, co-founder at Immutable said that the move would help accelerate the mass adoption of NFTs in games. In the same context, Ferguson adds,
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.
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