Blockchain gaming platform Xterio raised $40 million in a funding round led by game developer and Xterio partner FunPlus, FTX Ventures and blockchain gaming platform XPLA. The funding will go toward game development and building out the platform.
Xterio combines a play-to-earn gaming platform and a GameFi-as-a-service product for developers in the partner network. FunPlus, a global developer of popular mobile strategy games, provides the platform with its technology stack. The platform is FunPlus’ exclusive partner to mint, deploy and manage all NFTs for current and future game titles.
Today, there’s no mass-market, fun, high-quality, high-fidelity game that incorporates Web3 and digital ownership in a meaningful way. When you look at our executive team, we’re very proven hitmakers … who have worked on games that have generated billions of dollars in revenue. We know how to make games and we’re going to put fun at the center of our releases.Xterio co-founder and Chief Operating Officer Jeremy Horn
Other participants in the funding round included Hashkey, Foresight Ventures, Headline, Matrix Partners and Animoca Brands.
The platform, which the Switzerland-based nonprofit Xterio Foundation oversees, presents users with a marketplace, a community hub and a custodial crypto wallet. On the developer side, Xterio provides the technology to make it easier for Web2 gamemakers to transition to Web3 such as minting NFTs, in-game trading and regulatory compliance. The first slate of game announcements are expected this fall.
Side note: Limit Break raised $200 million in funding.