Immutable, the company behind NFT-focused scaling network Immutable X, has raised $200 million in its Series C funding round and has a market cap of $2.5 billion. Accompanied by the investment news, the price of NFT coin rose more than 50%. cryptocoin.com We provide details as…
NFT coin project raised $200M, now worth $2.5B
Temasek, an investment firm owned by the Singapore government, led Immutable’s capital round. New investors included Animoca Brands, Tencent, ParaFi Capital, Arrington Capital, Mirae Asset and Liberty Global. Alameda Research, AirTree Ventures, Declaration Partners and Fabric Ventures were among the previous investors.
Australia-based Immutable aims to develop worldwide, expand its staff, and turn to M&A options now that it has more funding. The company currently has 165 employees and aims to hire 200 more over the next 12 months in various roles including sales, marketing, engineering and product development. Immutable also wants to expand StarkWare’s Layer-2 network, Immutable X, using StarkEx technology. OpenSea, TikTok, and GameStop are just a few of the platforms that use Immutable X.
The price of Immutable X (IMX) rose 60% after the news
Immutable X (IMX) has seen massive purchases of whales following investment. Its price rallied from the intraday low of $1.10 to $1.70 within hours. This means that at one point, IMX reached 60% of its last 24-hour gain.
Animoca Brands plans to use Immutable X
On this subject, Yat Siu, co-founder and president of Animoca, explains:
We are happy to explore Immutable X integrations across Animoca’s content library and bring new levels of scale, security and liquidity to the next generation of Blockchain games.
Here are the comments from Immutable CEO James Ferguson:
Immutable is focused on developing a leading, assertive and trusted Web 3 ecosystem for a new era of creators seeking 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.
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