Web3 infrastructure firm ChainSafe raises $18.75M as attention shifts to GameFi

Canadian Web3 infrastructure institution ChainSafe has closed an $18.75 cardinal backing circular that was backed by salient manufacture task firms, putting the institution connected way to grow operations astatine a clip erstwhile request for blockchain infrastructure and gaming services was connected the rise.

The Series A circular was led by task steadfast Round13 with further information from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the backing would spell toward supporting the maturation and adoption of Web3 technology.

ChainSafe’s founding squad met astatine an Ethereum meetup successful Toronto successful 2017. Later that year, ChainSafe was founded arsenic a blockchain probe and improvement firm. The institution chiefly focuses connected multi-chain R&D and different Web3 umbrella technologies and has developed a bundle improvement kit connecting games built connected the Unity level to the blockchain.

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Following the motorboat of CryptoKitties successful 2017, the matrimony betwixt gaming and blockchain exertion has lone grown stronger. As reported by Cointelegraph, the market capitalization of blockchain games was astir $25 cardinal astatine the commencement of 2022. While crypto marketplace capitalization has declined markedly implicit the past six months, which has impacted the blockchain gaming sector, task superior continues to put heavy successful the space. According to DappRadar, blockchain games and metaverse projects raised $1.3 cardinal successful task financing successful the 3rd 4th alone.

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While estimates vary, blockchain gaming, oregon GameFi arsenic it is often called, could spot high multi-billion-dollar valuations successful the coming years. Those adjacent to the manufacture accidental that blockchain games volition payment from the astir 1 cardinal online gaming streamers expected by 2025.