Solana and FTX Start $100 Million iGaming Fund
In what is being considered one of the largest capital investments in the Web 3 gaming sphere, crypto exchange platform FTX has announced the launch of a new fund set to facilitate investments in video game development and fintech companies.
In tandem with Solana Ventures and Lightspeed Venture Partners, the trifecta is earmarking $100 million dollars as its initial investment in the project.
In a bid to bridge the gap between blockchain technology and the world of gaming, the fund will invest in gaming projects using blockchain technology on Solana’s network, a move that should greatly increase activity on the already budding blockchain. The first fund-backed project will be Faraway Games flagship, ‘‘Mini Royale: Nations’, the first live multiplayer game launched on the Solana blockchain. After a successful first-round investment of $20 million, the trio has begun extending funding to gaming studios in the space.
In addition to gaming investments, FTX also announced the launch of a cross-chain NFT marketplace wherein creators and owners will be able to trade their non-fungible tokens (NFTs) cross-chain using both Ethereum and Solana.
Consequently, FTX has gained the attention of major investors who see the company as a game changer in the world of cryptocurrency and financial technology. “Built for traders by traders,” FTX is a major challenger to Coinbase and Ethereum, working to beat them at their own game by offering upgraded, sophisticated derivatives products such as futures, options, tokenized stocks, and leveraged tokens. Earlier this year, FTX managed to garner a valuation of $25 billion only three months after it had been valued at $18 billion.
With CEO Sam-Bankman Fried at the helm, and the video game industry seeing ever-increasing adoption and engagement across the globe, FTX is poised for monumental success in the coming new year.
Each week, we compile the most important stories to shed light on crypto investment opportunities. Sign up for our newsletter and stay up to date on the latest happenings in the market!