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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.

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