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

Web3 infrastructure firm ChainSafe raises .75M as attention shifts to GameFi

Canadian Web3 infrastructure company ChainSafe has closed an $18.75 million funding round backed by industry-leading venture firms, putting the company on the way to expand its operations at a time to expand as demand for blockchain infrastructure and gaming services increases. The Round13 Venture Firm Series led a round with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. According to ChainSafe, the funds will be used to promote the expansion and uptake of Web3 technology.

The founding team of ChainSafe met at an Ethereum meeting in Toronto in 2017. Later that year, the blockchain research and development firm ChainSafe was established. A blockchain integration toolkit for games made with the Unity engine. After the release of CryptoKitties in 2017, the link between gaming and blockchain technology has grown stronger. The market cap for blockchain games was around $25 billion as of early 2022.

While the crypto market cap has declined significantly over the past six months, impacting the blockchain gaming sector, venture capital continues to invest heavily in the space. According to DappRadar, blockchain gaming and Metaverse projects raised $1.3 billion in venture capital in Q3 alone.

While estimates vary, blockchain gaming, or GameFi as it’s often called, could reach billions in valuations over the next few years. Those close to the industry say blockchain gaming will benefit from the roughly 1 billion online games. Streamers are expected by 2025.

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