Web3 infrastructure company ChainSafe raises $18.75 million as attention shifts to GameFi

Canadian Web3 infrastructure company ChainSafe has completed a $18.75 million funding round backed by some of the industry’s best-known ventures to take its business at a time of growing demand for blockchain infrastructure and gaming services. I got on an expanding trajectory.

The Series A round was led by venture firm Round13, with participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funds will be used to support the growth and adoption of his Web3 technology.

The ChainSafe founding team met at the Ethereum meetup in Toronto in 2017. Later that year, ChainSafe was founded as a blockchain research and development company. The company mainly focuses on multi-chain research and development and other his Web3 comprehensive technology, and has developed a software development kit that connects games built on the Unity platform to the blockchain.

“We are still early” — @caseon game Currently, blockchain games have a market share of only 5%, and they say they are building an attractive portfolio to attract players. [Sponsored] https://t.co/kwLaE3EFp8

— Cointelegraph (@Cointelegraph) October 10, 2022

Since the launch of CryptoKitties in 2017, the connection between games and blockchain technology has only grown stronger. As reported by Cointelegraph, the blockchain gaming market cap was around $25 billion at the beginning of 2022. Venture capitalists continue to invest heavily in the cryptocurrency market capitalization, which has declined significantly over the past six months, impacting the blockchain gaming sector. space. According to DappRadar, the blockchain game and metaverse project raised $1.3 billion in venture financing in the third quarter alone.

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Estimates vary, but blockchain games, or games often called GameFi, could see multi-billion dollar valuations in the coming years. People close to the industry say blockchain games will benefit from the expected nearly 1 billion online game streamers by 2025.