CryptoKitties Raises $12 Million in Venture Capital

CryptoKitties

Blockchain collectible game CryptoKitties is separating from its mother company, Canada-based Axiom Zen game studio, and has reportedly amassed $12 million to do so.

CryptoKitties is a blockchain-enabled collectible game built on the Ethereum platform. It has had a huge success since it debuted in November, even causing problems to the ethereum ecosystem because of the large number of transactions (30% of the all Ethereum transactions) it necessitates.

With this simple, yet effective game, CryptoKitties aims to make blockchain accessible and relevant to everyday users.

Instead of buying cryptocurrencies, users of the game acquire “cryptokitties”, which the company calls “cryptocollectibles”. The blockchain is used to authenticate transactions and keep track of what character each user has.

Since it went live, CryptoKitties has processed more than $40 Million in transactions from the 1.5 Million users of the platform. Some cryptokitties have sold for more than $200,000.

According to Venture Beat, the investors include “Fred Ehrsam (former founder of Coinbase); Naval Ravikant (CEO and founder of AngelList); Mark Pincus (cofounder of Zynga); Bill Tai (board member of BitFury); William Mougayar (founder of Token Summit); Avichal Garg (partner at Y Combinator); Jeff Morris (head of revenue at Tinder); Balaji Srinavasian (founder of Earn.com) Josh Stech (vice president of business at Lending Home); Joshua Naussbaum (founder of Compound VC)j; and Tyler Gaffney (CEO of Entrepid).”

Concerning the future of blockchain gaming, the company stated that “digital scarcity and true ownership unlock billions of dollars of value and put power in the hands of creators and their fans.”

 

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