ImmutableX, a layer 2 NFT trading platform based on Ethereum, announced Monday the close of a $200 Million Series C funding round. The round, led by Temasek (a Singaporean investment firm), brings Immutable’s value up to $2.5 Billion.
Expansion of the Team
The round also saw 5 new investors, including ParaFi Capital and ParaFi Capital, Mirae Asset and Liberty Global. Several existing investors, including Prosus Ventures and AirTree Ventures as well as Fabric Ventures and Declaration Partners, Alameda Research, increased their stakes in the company.
A press release stated that the capital will be used to fund the company’s global expansion and invest in its platform. GameStop and TikTok are just a few of the companies that have started to build on the platform. OpenSea and GaryVee’s VeeFriends are also included.
The money will also be used to scale Immutable’s gaming company, which includes blockchain games such as Gods Unchained or Guild of Guardians.
Immutable currently has 165 employees, but plans to add 200 more over the next 12 month. The team also hired 4 additional C-suite executives as part of its international expansion. CGO John Boris CGO Gin Findlay, CSO Justin Hulog and CPO Katherine Rau are some of these executives.
Immutable employs a scaling technology called “zero-knowledge rollsups”. This allows users to bundle hundreds of thousands off-chain transactions before securely securing them on Ethereum’s base chain. This scaling solution allows game developers to create low-cost in-game tokens by bringing it to NFTs.
James Ferguson, CEO of Immutable, stated that Immutable is focused on creating a web3 ecosystem that is ambitious and reliable for creators who want scalable results in the fastest-growing industry in the world. “Our investors understand the potential and power of the Immutable X platform, and will play an integral part in the next phase of our growth.
Growth that is immutable
Gamestop partnered with Immutable last month to launch an NFT marketplace and a $100 million cofund supporting the development of NFT gaming projects. Immutable will gift Gamestop $150 million worth IMX tokens when certain milestones are achieved.
Habbo, a social entertainment company, also announced last month it would be building on Immutable. According to reports, the platform seeks to “to establish deeper social connections” via gas-free NFT minting or trades.
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