By Nathan Ferguson
The Ethereum-based NFT firm, Immutable has successfully managed to raise around $200M for their upcoming expansion plans regarding scalability and gaming.
Powered by the popular Ethereum network, Immutable is a firm that focuses on the development of NFTs and games in the crypto space. As of now, the company has managed to secure nearly $200Million in a recent funding event they hosted, which was mostly dominated by Singaporean firm, Temasek and has now resulted in the company to gain a total valuation of an impressive $2.25Billion.
Valuation History
The funding event was basically Series C in which Temasek took the lead, while many other contributors such as, ParaFi Capital and Alameda Research looked quite excited for Immutable’s future. This new record of valuation is miles ahead from what it had back in last year, basically being six times more of what it previously had, as the company was just under $500Million in total valuation, during its previous funding round that happened last year.
Expansion Plans and New Developments
Regarding the utilization of such an impressive number of funds, Immutable officially stated that they will be using the funds in order to increase their employee base to more than 200, improve scalability in order to meet the growing demands of the NFT sector and dive deeper into unique and interesting opportunities that the company can take advantage from.
Co-founder and current President of Immutable, Robbie Ferguson stated on social media platform, Twitter that NFT’s have been swallowing the globe recently and the power and influence of gaming is such that families will be trading and owning “digital properties, without them even knowing”.
Immutable X
Immutable also had its own major scaling solution that is formally known as, Immutable X. The Layer 2 scaling protocol is also powered by the Ethereum network, built for NFTs by using StarWare’s ZK-Rollup solution, StarkEx and is implemented by Immutable X, which has many advantages such as, more transaction throughput, no gas fee and blazing fast withdraws, all while maintaining the security standards.
Blockchain Gaming Support
The team at Immutable X has also taken part in the production of many play-to-earn focused games such as, Gods Unchained. Last month, the company also shook hands with massive video game retailer, GameStop in order to promote its new NFT market platform, while also upbringing a huge fund of nearly $100Million in order to provide support to blockchain-based game developers.