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, according to the white paper. FunPlus, a global developer of popular mobile strategy games, provides Xterio with its technology stack. Xterio is FunPlus’ exclusive partner to mint, deploy and manage all non-fungible tokens (NFT) 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,” Xterio co-founder and Chief Operating Officer Jeremy Horn told CoinDesk in an interview. “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.”
Horn previously served as the vice president of strategy for mobile game developer Jam City. Xterio marketing head Darion Lowenstein is a game industry veteran with past producing roles at the likes of Electronic Arts and Activision Blizzard. CEO Michael Tong is also the chief strategy officer at FunPlus, and Yitao Guan serves as chief technology officer at both Xterio and FunPlus.
Other participants in the funding round included Hashkey, Foresight Ventures, Headline, Matrix Partners and Animoca Brands.
The platform, which is overseen by the Switzerland-based nonprofit Xterio Foundation, 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, said Horn.
Xterio plans to unveil its blockchain partner in the coming weeks. The first slate of game announcements are expected this fall.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.