Immutable X, the Layer 2 Scaling Solution for Ethereum has been one of the frontrunners in the race for blockchain gaming supremacy, and is an organization we have covered regularly. Now, their most recent round of funding has raised an extortionate number.
What Is Immutable X?
Immutable X is one of the premier attempts to solve Ethereum’s infamous limitations (gas fees, transaction speeds, transaction volume capacity, and so on) centering their efforts on gaming, and they have seen success. The Layer 2 has zero gas fees peer to peer, is carbon neutral, and has an alleged 9,000 transactions per second capacity.
The network is still a touch light on playable games, though it does have the game we tipped for success way back in 2018, Gods Unchained. It also has some large projects in the pipeline with a lot of interest, such as Guild of Guardians and Illuvium which is currently in private beta and has quite the following. Then in November last year, Ember Sword left Polygon for Immutable X.
Immutable X also has its own utility token, $IMX, which has had a turbulent last 12 months but appears to be on the rise off of the back of the recent news.
Immutable Raises $200M With $2.5B Valuation
In 2021, Immutable had a Series B funding round co-led by BITKRAFT Ventures and King River Capital, raising $60m and bringing their total pool of investment to around $77.5m. It seemed an inordinate amount of money, but it has now been utterly eclipsed.
On 7th March 2022, Immutable announced a successful Series C round of funding led by Temasek which saw investment in the region of $200m. Investors include Animoca Brands (because, of course it did!) and one which has raised a few eyebrows, Tencent.
Tencent, publisher of Fortnite and Honor of Kings, has only had second-hand involvement with blockchain gaming so far, primarily via Paris-based mobile game developer, Voodoo, who they invested in. Voodoo pledged to invest hundreds of millions into blockchain games, and by extension, Tencent had some skin in the game. Now, it’s a little more direct.
This investment is earmarked for “global expansion with 200+ new hires in ’22”, more partnerships, and expanded studio content. It looks as if this year may be a significant one for Immutable!