- The start-up behind Immutable X, a scaling solution for Ethereum NFTs and games, is the newest crypto after its surge following a Series C funding round. unicorn(represents initiatives worth more than 1 billion dollars).
Immutable, the Australian startup behind Immutable X, an Ethereum layer-2 scaling solution designed for games and NFTs, announced today that it has reached a $2.5 billion valuation following a Series C funding round. The firm joins other companies on an ever-expanding list of crypto “unicorns.”
Investment company Temasek led the $200 million tour with the participation of Chinese game giant Tencent and leading metaverse investment company Animoca Brands. Other new investors participating in the round included Arrington Capital, Mirae Asset and Liberty Global, while Alameda Research and Possible Ventures were among the firms that increased their total investments.
After this big funding round today Immutable X (IMX) The price of the cryptocurrency has seen a notable rise despite the market trend. The altcoin, which has risen by about 29 percent compared to the last 24 hours, is trading at $ 1.53 at the time of writing.
Immutable is the company behind Immutable X, a layer-2 platform built on the Ethereum blockchain. Transactions on Immutable X are significantly cheaper/faster than transactions on Ethereum’s own mainnet and require much less power than transactions on Ethereum’s own energy-intensive proof-of-work network.
Immutable X is StarkWare’s StarkEx platform to aggregate thousands of transactions into its network and connect them to Ethereum in a single transaction. zero-knowledge proof*uses technology.
Immutable X is trying to survive in a crowded market and carve out a niche as a platform designed for video games and NFT collections among other key Ethereum scaling solutions like Polygon, Arbitrum and Optimism.
Immutable X has strong partnerships
Recently, Immutable X’s; video game retailer GameStop has been announced as the platform to power the game-centric NFT marketplace. GameStop’s marketplace will launch later this year and will focus on user-owned NFT items such as characters, weapons, and outfits designed for Ethereum-focused video games.
Additionally, GameStop and Immutable announced a $100 million developer fund last month to encourage crypto game creators to develop Immutable X and the retailer’s marketplace as part of the deal.
Social video app TikTok also developed Immutable X for its creative-focused NFTs last year, while Gary Vaynerchuk’s VeeFriends Ethereum NFT project also used the scaling solution for the Book Games NFT promotion. OpenSea, the leading NFT marketplace, will also integrate Immutable X into its platform, and the upcoming crypto game Ember Sword will also be built on Immutable X.
Also active in the Immutable game market
In addition to these partnerships, Immutable X is known as a platform that develops and publishes its own NFT games. For example, one of the first notable crypto games, competitive card game Gods Unchained, has also migrated to Immutable X, although it was originally on Ethereum’s mainnet. The firm will also release an upcoming mobile action game, Guild of Guardians.
Following the Series C round, Immutable, which currently employs 165 people, announced that they plan to hire 200 more and will expand their team significantly next year. The company also recently announced a number of executive appointments, including new Studio Chief Executive Justin Hulog, who has joined their team from Riot Games.
Immutable had previously completed a $60 million Series B round in September 2021 and a $15 million Series A round in September 2019, two years earlier.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.