Australian trading platform NFT Immutable has announced a $200 million C-Series funding round led by Singapore public equity firm Temasek and with participation from Animoca Brands and Tencent. Additional investments from ParaFi Capital, Princeville Capital and Arrington Capital, as well as current backers King River Capital, Prosus Ventures, AirTree Ventures, Advertising Partners, and others, boosted the value of fixed assets to $2.5 billion.
The company intends to use this capital to develop a Tier 2 fixed-X scaling solution for non-fungible tokens (NFTs) on the Ethereum network and to expand the game’s immutable studio, which includes the major video games Gods Unchained and Guild of Guardians. Immutable X uses StarkWare’s no-knowledge technology to achieve scalability on Ethereum, providing game developers with zero gas costs and a carbon-neutral environment.
Robbie Ferguson, co-founder and president of Immutable, tweeted that the future of gaming depends on the NFT economy and that Immutable wants to be a leader in NFT adoption.
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Ferguson added that the digital future will require open order books rather than scattered liquidity, “real” Ethereum decentralization, and consumer-facing NFT projects.
According to the company, part of Immutable’s “rapid global expansion” plans include introducing four new CEOs: Justin Holog, former General Manager of Riot Games, as studio director; Jill Findlay, Partner, AirTree, as CEO; John Burris, former CEO of IfOnly, as Director of Development; and Catherine Rao as President of the People. Immutable also plans to expand its team of 165 people by adding 200 new employees worldwide this year.
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Immutable recently partnered with GameStop to develop a new NFT marketplace as well as sponsor game creators through a $100 million scholarship program. Other companies currently working on Immutable X include TikTok, OpenSea, Ember Sword, GreenPark Sports and Gary Vee’s Vee Friends.
Immutable is one of the many blockchain and cryptocurrency companies that have achieved Unicorn status over the past year. In the startup community, a unicorn is a company worth a billion dollars or more.
