The NFT scaling platform Immutable raise $200 million in the latest Series C funding round and it reached $2.5 billion valuations after the funding round supported its international expansion so let’s find out more in today’s latest cryptocurrency news.
Immutable x is a layer-2 NFT trading platform built on Ethereum and the scaling platform Immutable raised $200 million Series C funding round and it is led by Singaporean investment company Temasek which brings the valuation to $2.5 billion. 5 other investors participated in the round including Arrington Capital, ParaFi Capital, Princeville Capital, Liberty Global, and Mirae Asset. In the meantime, the existing investors like AirTree Ventures, Possible Ventures, Fabric Ventures, Prosus Ventures, King River Capital, and more, increased their positions in the company.
According to the press release, the capital will fund the organization’s expansion while investing in the growth one the platform. Some of the companies are building on the platform like TikTok, OpenSea, and GameStop. The money will scale Immutable’s gaming studio that already includes blockchain games such as Gods Unchained and Guild of Guardians.
The team of Immutable has 165 people but aims to hire another 200 employees across the world in the next year. As a part of the international expansion, the team onboarded 4 more C-Suite executives which include COO Gin Findlay, Justin Hulog, Katherine Rauland John Boris. Immutable uses a scaling technology dubbed as a zero-knowledge rollup which allows users to bundle thousands of transactions off-chain before securing them on the Ethereum base chain. To bring the scaling solution to NFTs means that developers can create In-game tokens which are tradeable at low costs. The CEO James Ferguson said:
“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. 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.”
GameStop worked with Immutable to launch an NFT marketplace and had a $100 million fund to support the advancement of the NFT gaming projects. The developmental milestones are now reached so Immutable will gift GameStop with $150 million worth of IMX tokens.
