Immutable, a crypto startup focused on NFT and gaming, revealed today that it has raised $200 million in a Series C funding round headed by Singapore’s state-owned investment company Temasek. The raised funds place a $2.5 billion value on the company.
Immutable’s Growing Prospects in NFT MarketA Twitter flurry on Monday morning announced the raise at Immutable. In addition to Temasek, which is Singapore’s state-owned investment company and one of the world’s leading crypto venture capital organizations, a number of other prominent firms, including ParaFi Capital, Alameda Research, Tencent, and Arrington Capital, also participated in the round. In September 2021, Immutable had a valuation of $410 million, which has since risen to $2.5 billion after the company’s latest round of funding. To fulfill the growing demand for its NFT platform, scale the company’s operations, expand into new markets, and investigate acquisitions, the company plans to use the new funding to hire approximately 200 new members over the next year. An Ethereum-based Layer 2 scaling protocol for NFTs is Immutable X’s main offering. ZK-Rollup StarkEx is used by Immutable X to store data. No gas fees, instant confirmations, and instant withdrawals to Ethereum are all included in this high-transaction-throughput environment. Play-to-earn games like Gods Unchained and Guild of Guardians were also developed by the team.
“NFTs are eating the world. Gaming will be the trojan horse that means your family can trade and own digital property, without them even knowing,” Immutable’s co-founder and president, Robbie Ferguson, said on Twitter.A $100 million fund dedicated to supporting blockchain game developers was announced in February as part of a partnership between the company and GameStop, the world’s largest video game retailer. The Layer 2 scaling platform of Immutable has been used by other significant companies such as TikTok, OpenSea, and Illuvium.