CoinFund Leads $ 2.3 Million Investment in Esports Startup Trying to Bring Crypto to Gamers
Community Gaming wants to bring esports to a blockchain near you.
The platform, which allows users to host video game tournaments on the main Ethereum, Binance Smart Chain, or Polygon network, raised $ 2.3 million in a seed funding round led by CoinFund.
Leading backers such as Dapper Labs, Multicoin Capital, Rally founder Kevin Chou, Kevin Durant and Rich Kleiman’s Thirty Five Ventures and non-fungible token collector (NFT) WhaleShark have also invested.
The capital injection follows an earlier pre-seed investment from ConsenSys and will be used to hire additional staff and increase the platform’s presence in Latin America and Southeast Asia, according to Chris Gonsalves, CEO from Community Gaming.
Community Gaming’s blockchain-based platform allows rewards to be paid instantly in the ERC-20 token of the organizer’s choice and sent directly to users’ crypto wallets.
Is the latest example of a collision between the worlds of blockchain and video games. NFTs have become a popular way to purchase digital collectibles; investors are betting on games as the next location for crypto adoption.
Much like Dapper Labs’ NBA Top Shot, Community Gaming’s platform is designed to be user-friendly, even for people with no previous crypto experience. Registering an account on the platform generates a wallet and the fiat-to-crypto integration makes the community game friendly for beginners.
“I think this is a common way to expand consumer adoption of crypto,” CoinFund investor Evan Feng said of the platform, adding:
“There are so many similarities between crypto and gaming communities. An open-mindedness, a little more risk or adventure seeking, and generally an openness to the idea of self-sovereignty.
According to Gonsalves, the number of active users of the platform is growing rapidly, doubling to 20,000 in June alone.
Gonsalvez also said the platform, which so far has made the majority of its revenue through referrals with companies like Facebook Gaming, MakerDAO and Theta.tv, plans to start charging a 5% commission on all of them. tournaments.