iBLOXX Secures $5 Million in Funding to Expand Gaming Department
On February 23, the Web3 incubator and market maker iBLOXX announced the completion of a $5 million financing, and PrimeXM led the investment, which will be us…
On February 23, the Web3 incubator and market maker iBLOXX announced the completion of a $5 million financing, and PrimeXM led the investment, which will be used to expand the company’s game development department iBLOXX Studios. This investment will make the post-investment valuation of its game department reach $30 million.
Web3 incubator and market maker iBLOXX completed $5 million financing
Interpretation of the news:
iBLOXX, a Web3 incubator and market maker, has just announced that they have completed a $5 million financing round to expand their game development department, iBLOXX Studios. This investment was led by PrimeXM, a technology company known for providing institutional-grade trading solutions. With this latest investment, iBLOXX’s game development department is now valued at an impressive $30 million.
It’s no secret that the gaming industry has been growing at an unprecedented rate over the past few years. A recent report by Newzoo states that the global games market is expected to generate $175.8 billion in 2021, with 2.9 billion gamers worldwide. With such a massive market, it’s no surprise that iBLOXX is looking to expand their game development efforts.
iBLOXX Studios has already created several popular games, including a blockchain-based collectibles game called CryptantCrab. The studio also offers game development services to other companies in the industry. With this latest funding, iBLOXX Studios will be able to take on more projects and continue to innovate in the gaming space.
PrimeXM’s investment in iBLOXX shows their confidence in the company’s game development capabilities. PrimeXM is known for their institutional-grade trading solutions, and their investment in iBLOXX highlights their interest in the gaming industry as a whole. We can likely expect to see more investment from technology companies like PrimeXM as the gaming industry continues to grow.
Overall, this latest funding round is a positive step forward for iBLOXX and the gaming industry as a whole. With more support and investment, iBLOXX Studios will be able to continue developing innovative games and offering their services to other companies in the industry. This investment also highlights the growing interest in the gaming industry from outside investors, which could lead to even more growth in the coming years.
In summary, iBLOXX’s $5 million funding round to expand their game development department, iBLOXX Studios, demonstrates the growing interest in the gaming industry and the potential for continued innovation and growth.
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