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Blockchain gaming platform C2X has raised $25 million through a private token sale, valuing the business at $500 million.
Led by FTX Ventures, Animoca Brands, and Jump Crypto, the sale also included Galaxy Interactive, Huobi Ventures, Crypto.com, and blockchain gaming venture fund Hashed.
The investors were selected for the private token sale based on their extensive portfolios and a history of investing in gaming as well as blockchain, cryptocurrency, and entertainment.
Operated by MetaMagnet Ltd. and developed with South Korean game publisher Com2us, C2X will use the fresh capital to build and expand its gaming platform on the Terra blockchain.
C2X also announced plans to launch its own publicly traded token during the sale. The token, “$CTX,” was publicly listed on Monday.
In January, Animoca Brands raised $360 million in new funding, valuing the investor in more than 150 NFT, metaverse, and blockchain companies at $5.4 billion.
The same month, cryptocurrency exchange FTX raised $400 million in Series C funding, valuing the company, which has leaned heavily on sports and gaming partnerships, at $32 billion.
HSBC is acquiring a plot of land in “The Sandbox” metaverse as a way to connect with sports, esports, and gaming enthusiasts.
Griffin Gaming Partners has closed a $750 million venture fund to invest in the gaming space, marking the company’s second fund.
Amazon has launched its Luna cloud gaming service, allowing U.S. customers to access more than 100 gaming titles.
Epic Games, the video game publisher best known for “Fortnite,” announced plans to acquire independent music storefront Bandcamp.
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