• Loading stock data...
Sunday, July 14, 2024

FTX, Animoca Back Gaming Platform Valued at $500M

  • Blockchain gaming platform C2X has raised $25 million through a private token sale.
  • The sale values the business at $500 million.
C2X/Design: Alex Brooks

Blockchain gaming platform C2X has raised $25 million through a private token sale, valuing the business at $500 million. 

Led by FTX Ventures, Animoca Brands, and Jump Crypto, the sale also included Galaxy Interactive, Huobi Ventures, Crypto.com, and blockchain gaming venture fund Hashed. 

The investors were selected for the private token sale based on their extensive portfolios and a history of investing in gaming as well as blockchain, cryptocurrency, and entertainment. 

Operated by MetaMagnet Ltd. and developed with South Korean game publisher Com2us, C2X will use the fresh capital to build and expand its gaming platform on the Terra blockchain. 

  • The company plans to launch more than 10 gaming titles in 2022.
  • It is already slated to launch play-to-earn titles “Golf Star” and baseball game “Crypto Superstars.” 

C2X also announced plans to launch its own publicly traded token during the sale. The token, “$CTX,” was publicly listed on Monday.

Doubling Down 

In January, Animoca Brands raised $360 million in new funding, valuing the investor in more than 150 NFT, metaverse, and blockchain companies at $5.4 billion.

The same month, cryptocurrency exchange FTX raised $400 million in Series C funding, valuing the company, which has leaned heavily on sports and gaming partnerships, at $32 billion.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

The Mississippi Department of Human Services on Monday sued retired NFL quarterback Brett Favre along with several other people and businesses to try to recover millions of misspent welfare dollars that were intended to help some of the poorest people in the U.S.

Judge in Mississippi Welfare Case Boots Brett Favre’s Lead Lawyer

The judge wrote he had a ‘pattern and practice of delicate deception.’
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
April 13, 2024; Columbus, Ohio, USA; Ohio State Buckeyes wide receiver Emeka Egbuka (2) catches a pass for the scarlet team while defended by cornerback Jordan Hancock (7) of the grey team during the first half of the LifeSports Spring Game at Ohio Stadium on Saturday.

As NIL Turns Three, Collectives and Football Still Control the Industry

Collectives dominate NIL, and football makes up most of collective budgets.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
podcast thumbnail mobile
Front Office Sports Today

Warner Bros. Discovery Faces Final Decision on NBA Rights

0:00

Featured Today

Jan 7, 2024; Nashville, Tennessee, USA; Jacksonville Jaguars wide receiver Calvin Ridley (0) reacts after scoring a touchdown against the Tennessee Titans during the first half at Nissan Stadium.

Without Hard-Line Bans, Pro Athletes and Personnel Will Keep Betting on Sports

Penalties often aren’t stringent or consistent enough to deter banned behavior.
Oct 2, 2021; Miami Gardens, FL, USA; NFL commissioner Roger Goddell speaks during the Don Shula Celebration of Life at Hard Rock Stadium.
July 13, 2024

The NFL Is Confident It Can Overturn the Sunday Ticket Verdict

The league may have good reason to believe it can win.
July 8, 2024

NFLPA Report Cards Have Become the ‘Talk of the Locker Room’ Across..

NFLPA report cards have become the ‘talk of the locker room.’
July 7, 2024

The New College Sports Insiders Are Graphic Designers

Joe Tipton and Hayes Fawcett have become premier news-breakers on social media.

Esports Winter: NBA 2K League Hits Pause Button Amid Industry Decline

The previously high-profile esports league is now effectively on hiatus amid widespread layoffs.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
June 14, 2024

IOC Proposes Holding Separate Olympics for Esports

The organization’s executive board has proposed a separate Olympics for online gaming.
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
February 29, 2024

Electronic Arts’ Layoffs Signal Ongoing Evolution, Struggles

The company is set to make a second major round of staff cuts in the last year.
Oct 5, 2021; Kansas City, Missouri, USA; Bob Kendrick, president of the Negro Leagues Baseball Museum in Kansas City, points to the lettering outside of the museum Tuesday.
February 28, 2024

How Do You Keep Negro Leagues Baseball History Alive? Put It in a Video Game

Negro Leagues Baseball Museum attracting increased donations, visits from ‘MLB The Show.’
Sony-Playstation-Demo-Booth
February 27, 2024

Sony to Lay Off 900 From PlayStation Team After Missed Sales Target

Cuts come amid a tough stretch for the gaming industry.
EA Sports
February 15, 2024

EA Sports: Summer Release for Long-Dormant College Football Video Game

Ed O’Bannon’s historic lawsuit led to the shuttering of EA Sports’ popular college games.