Immutable X, a layer 2 NFT trading platform built on top of Ethereum, announced the closing of a $200 million Series C funding round on Monday. Led by Singapore investment firm Temasek, the round brings Immutable’s valuation to $2.5 billion.
Expanding the team
5 other new investors also participated in the round, including Princeville Capital, Arrington Capital, ParaFi Capital, Mirae Asset and Liberty Global. Meanwhile, existing investors such as Prosus Ventures, AirTree Ventures, Fabric Ventures, Possible Ventures, Statement Partners, King River Capital and Alameda Research increased their positions in the company.
According to a press release, the capital will help fund the organization’s global expansion while investing in the growth of its platform. Some of the companies already building on the platform include GameStop, TikTok, OpenSea and GaryVee’s “VeeFriends.”
Additionally, the money will help scale Immutable’s game studio, which already includes blockchain games like Gods Unchained and Guild of Guardians.
Immutable’s current team consists of 165 people, but it intends to hire an additional 200 employees worldwide over the next 12 months. As part of its international expansion, the team also brought on 4 more C-suite executives. These include COO Gin Findlay, CGO John Boris, CSO Justin Hulog, and CPO Katherine Rau.
Immutable uses a scaling technology known as “zero-knowledge accumulation” that allows users to inexpensively bundle hundreds of thousands of off-chain transactions before securing them on the Ethereum base chain. By bringing this scaling solution to NFTs, game developers can easily create in-game tokens that can be traded at low cost.
“Immutable is committed to building a leading, ambitious and trusted web3 ecosystem for a new era of creators who want scalable results in the world’s fastest growing industry,” said James Ferguson, CEO of Immutable. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.
growth of immutable
Last month, Gamestop worked with Immutable to launch an NFT marketplace and a $100 million co-financing that supports the advancement of NFT game projects. As certain development milestones are reached, Immutable will reportedly gift Gamestop $150 million worth of IMX tokens.
Social entertainment company Habbo also announced last month that it would begin development of Immutable. The platform reportedly seeks to “achieve deeper social connection” through minting and trading de-gas NFTs.
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