Immutable X has officially reached “unicorn status.” following their series C funding round status valuation. Formally announced on Monday, the firm will move forward through 2022 with a valuation of 2.5 billion dollars. With new hires such as Justin Hulog from Riot Games, the new year is shaping up quite nicely for Immutable.
Credit: NFTeducation
Immutable’s Valuation
Following a partnership with Gamestop, Immutable announced that it had raised 200 million during the Series C funding round. The funding round raked in over $200 million, mainly dominated by Temasek, an investment company headquartered in Singapore. Other contributors included gaming giant “Tencent” and leading metaverse asset enterprise Animoca Brands.
Immutable is the company behind Immutable X, a layer-2 platform that works on top of the Ethereum blockchain. Using StarEx’s zero-knowledge proof technology, Immutable X rolls up thousands of transactions on its own network. Then, Immutable X sends them to the Ethereum network as one transaction, making sending and receiving significantly cheaper. Responsible for games such as “God’s Unchained” and the upcoming mobile title “Guild Of Guardians”, Immutable leads the pack in NFT gaming.
The team plans to use the newly acquired funds to scale the gaming studio and NFT technology. Over the last few years, previous status valuations show Immutable was barely breaking a $35 million average. After receiving broad support from tech giants such as Temasek and Tencent, a world where NFTs and Triple-A Gaming meet is becoming more of a reality by the minute.
“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry. “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.” – James Ferguson
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