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    Home » Crypto News » NFT Scaling Platform Immutable Raises $200 million in Series C Funding Round

    NFT Scaling Platform Immutable Raises $200 million in Series C Funding Round

    Author: Andrew Throuvalas

    Last Updated Mar 7, 2022 @ 17:59

    Immutable X reached a $2.5 billion valuation after a funding round supporting its international expansion. 

    Immutable X – a layer 2 NFT trading platform built on Ethereum – announced the closing of a $200 million Series C funding round on Monday. Led by Singaporean investment company Temasek, the round brings Immutable’s valuation up to $2.5 billion.

    Expanding the Team

    5 other new investors also partook in the round, including Princeville Capital, Arrington Capital, ParaFi Capital, Mirae Asset, and Liberty Global. Meanwhile, existing investors such as Prosus Ventures, AirTree Ventures, Fabric Ventures, Possible Ventures, Declaration Partners, King River Capital, and Alameda Research all increased their positions in the company.

    According to a press release, the capital will help fund the organization’s global expansion while investing in the growth of its platform. Some of the companies already building on the platform include GameStop, TikTok, OpenSea, and GaryVee’s “VeeFriends”.

    Furthermore, the money will help scale Immutable’s gaming studio, which already includes blockchain games like Gods Unchained and Guild of Guardians.

    Immutable’s current team consists of 165 people, but intends to hire another 200 employees across the world over the next 12 months. As part of its international expansion, the team has also onboarded 4 more C-suite executives. These include COO Gin Findlay, CGO John Boris, CSO Justin Hulog, and CPO Katherine Rau.

    ADVERTISEMENT

    Immutable uses a scaling technology known as “zero-knowledge rollups” which allow users to cheaply bundle hundreds of thousands of transactions off-chain before securing them on the Ethereum base chain. By bringing this scaling solution to NFTs, game developers can easily create in-game tokens that are tradeable at a low cost.

    “Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest growing industry,” said Immutable CEO James Ferguson. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.

    Immutable’s Growth

    Last month, Gamestop worked with Immutable to launch an NFT marketplace, and a $100 million co-fund supporting the advancement of NFT gaming projects. As certain developmental milestones are reached, Immutable will reportedly gift Gamestop with $150 million worth of IMX tokens.

    Social entertainment company Habbo also announced last month that it would begin building on Immutable. The platform reportedly seeks “to achieve a deeper social connection” through gas-free NFT minting and trades.

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    Tags: Non-Fungible Token (NFT)
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    About The Author

    Andrew Throuvalas
    More posts by this author

    Andrew is a content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
    Contact: Medium | LinkedIn | Twitter

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