Blockchain Gaming Platform Xterio Raises $40M Led by Partner FunPlus

The round was co-led by Makers Fund, FTX Ventures and XPLA.

AccessTimeIconAug 30, 2022 at 11:03 a.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

  • Earn Alliance CEO on Helping Gamers Discover Web3
    Earn Alliance CEO on Helping Gamers Discover Web3
  • Web3 Gaming Market Still Growing in 2023: Game7 Data
    Web3 Gaming Market Still Growing in 2023: Game7 Data
  • State of Web3 Gaming in 2023
    State of Web3 Gaming in 2023
  • Metaverse-Focused Gala Games to Airdrop Version 2 Tokens in May
    Metaverse-Focused Gala Games to Airdrop Version 2 Tokens in May
  • “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.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.