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Web3 Infrastructure Firm ChainSafe Raises $18.75M Series A

Finance

www.coindesk.com 18 October 2022 08:02, UTC
  
Reading time: ~2 m

Web3 infrastructure firm ChainSafe has raised $18.75 million in Series A funding to expand its blockchain gaming utilities.

The oversubscribed funding round was led by Round13 and included participation from NGC Ventures, HashKey Capital, Sfermion and Jsquare, ChainSafe announced on Tuesday.

ChainSafe's focus is on Web3 infrastructure, particularly with regard to gaming. Its flagship product is web3.unity, which connects games using the development engine Unity with blockchain technologies.

Some believe that gaming could provide blockchain technology with a much-desired killer use case in order to truly carry it into the mainstream. While still relatively nascent, there are some positive signs. Gaming decentralized apps (dapps) accounted for around 60% of all blockchain activity in July this year, according to data by DappRadar.

With the new investment, ChainSafe plans to accelerate its product development and expand its team, which currently sits at around 120 across offices in Toronto, Berlin and Zagreb.

Read more: Web3 Gaming Has a Long Way to Go Before It Becomes Mainstream, Survey Says


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