Canadian blockchain research and development firm ChainSafe has raised $18.75m in an oversubscribed series A funding round to support GameFi, the term used for blockchain gaming.
The company was backed by leading industry venture capital firms to encourage an expansion in operations amid the popularity of blockchain infrastructure and gaming services.
The investment was led by venture capital firm Round13, alongside additional investors ConsenSys, Digital Finance Group, Fenbushi Capital, HashKey Capital, Jsquare, NGC Ventures and Sfermion.
All funding will be in support of the growth and adoption of Web 3.0 technology.
A member of ChainSafe’s board of directors, Consynsys CEO and founder Joseph Lubin said: “We have been close to ChainSafe since the early days when decentralized protocols were defining themselves and coming into their own.
“This Series A raise enables ChainSafe to continue on its rapid growth path of strategic and synergistic protocol and product development”.
As GameFi is estimated to see high valuations over the next few years, industry professionals say that with an estimated one billion online gamers expected for 2025, blockchain gaming could see multi-billion-dollar valuations over the next few years.
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