invezz.com
KuCoin Labs, incubator and investment arm of global crypto exchange KuCoin, has invested in PlayZap Games, a Web3 gaming platform, according to a press release seen by Invezz.
PlayZap Games offers a Play-to-Earn (P2E) gaming ecosystem supported by a NFT economy and blockchain wallet. The platform is set to release its first iteration app on Google Play, the App Store and on desktop, complete with 10 casual games.
KuCoin Labs leads PlayZap’s seed round
In the announcement, KuCoin Labs reveals that it led Singapore-based PlayZap Games’ seed round investment, a funding round that the gaming platform looks to tap into as they develop their GameFi ecosystem further.
More specifically, PlayZap Games is looking to use the funds to expand new game IPs, and onboard more partners. Part of the new capital injection will also go into enhancing the marketing team as they target more adoption amid stiff competition in the space.
Lou Yu, head of KuCoin Labs commented on the partnership:
KuCoin Labs believes that gaming will be the gateway to crypto mass adoption. PlayZap has provided a good opportunity for traditional Web-2.0 players to transition to crypto gaming easily with a focus on leisure. The team has solid experience in Web-2.0 gaming with strong track records, which can be leveraged to power up the PlayZap’s ecosystem.”
PlayZap’s incubation will see KuCoin Labs support the game in marketing, business planning and via partnerships, the two platforms said in the release.
The seed round also attracted participation from Arcanum Capital, Oddiyanna Ventures and Prime Block Ventures.