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Immutable Raises $60M in Funding to Boost NFT Trading

The Ethereum Layer-2 protocol says it has created the underlying infrastructure for any business to build a game, marketplace or NFT application.

Sep 14, 2021 at 2:00 p.m. UTC
Updated Sep 14, 2021 at 8:40 p.m. UTC

Immutable has raised $60 million in a Series B funding round to bolster its non-fungible token (NFT) trading infrastructure.

  • The Ethereum Layer-2 protocol says it has created the underlying infrastructure for any business to build a game, marketplace or NFT application.
  • Immutable is the developer of NFT games Gods Unchained and Guild of Guardians, which it intends to scale using the new funds. The money will also go toward strengthening partnerships with gaming companies.
  • The funding round, which was led by BITKRAFT Venture and King Rival Capital, takes the firm’s total funding to $77.5 million.
  • Immutable says it provides a Layer-2 scaling product for NFTs on the Ethereum network capable of processing 9,000 transactions per second with zero gas fees.
  • Along with other companies, Immutable is attempting to address the problem of increasing traffic on the Ethereum network that is leading to transactions taking longer and being more expensive to execute.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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