Bitkraft to Invest $75M in Blockchain Gaming
- In order to provide regulated investment opportunities, Bitkraft received an investment advisor registration from the U.S. SEC back in June 2021.
- The fund will use a “stage-agnostic” strategy, meaning it will invest in companies at any stage of their development.
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Gaming and esports investment platform Bitkraft VC has launched a $75 million investment fund that will focus on digital entertainment and blockchain gaming, VentureBeat reported on 8 October.
According to the post, the new Bitkraft fund — which will not only focus on equity investment, but on cryptocurrencies and NFTs too — will invest in companies and startups at any stage of development. The company was able to receive an investment advisor registration from the Securities and Exchange Commission back in June, enabling it to provide regulated investment opportunities.
While fairly new, the fund has already closed six investment deals, and is supporting projects such as Yield Guild Games (YGG), Immutable, Alethea AI and Horizon Games. While the fund has currently invested mainly in projects building on Ethereum, it could soon turn to other blockchains. Piers Kicks, who leads Bitkraft’s investment efforts into crypto, said in a statement:
“We adopt a chain-agnostic approach and assess each project on a case-by-case basis. We are beginning to see some exciting activity on Solana and will be closely monitoring early gaming projects in that ecosystem.”
The blockchain-based gaming market is slowly gaining traction, with more and more companies setting up investment funds focused around it. Last month, the investment arm of Huobi Globul launched a $10 million fund that will focus on projects combining DeFi features with gaming (GameFi).
- The newly launched ecosystem fund is backed by Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.
- Highest priority will be given to interoperability and DeFi projects, but the fund will also support developers that are building trading platforms, scalability solutions, and PoS infrastructure.
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- The fund is the first in Binance Labs’ history to be created with outside capital, namely from DST Global Partners, Breyer Capital, unnamed private equity funds, and others.
- The new $500 million fund will invest in cryptocurrency companies in three stages of development, from incubation, to early-stage venture, and finally late-stage growth.
- The move is an attempt from FTX to expand beyond its crypto trading roots, and likely will build up on its $100 million GameFi fund commitment.
- FTX.US’ job listing revealed that the company was looking for software engineers with experience in the C# programming language and Unity gaming engine.