CoinFund Leads $2.3M Investment in Esports Startup Trying to Bring Crypto to Gamers

Community Gaming's seed round also drew NFT collector WhaleShark, Multicoin Capital and Kevin Durant's Thirty Five Ventures.

AccessTimeIconJul 1, 2021 at 1:00 p.m. UTC
Updated May 9, 2023 at 3:21 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Community Gaming wants to bring esports to a blockchain near you.

The platform, which allows users to organize video game tournaments on either the Ethereum mainnet, Binance Smart Chain or Polygon, has raised $2.3 million in a seed funding round led by CoinFund.

  • Earn Alliance CEO on Helping Gamers Discover Web3
    17:22
    Earn Alliance CEO on Helping Gamers Discover Web3
  • Web3 Gaming Market Still Growing in 2023: Game7 Data
    01:21
    Web3 Gaming Market Still Growing in 2023: Game7 Data
  • State of Web3 Gaming in 2023
    08:11
    State of Web3 Gaming in 2023
  • Landvault CEO on Future of the Metaverse
    07:07
    Landvault CEO on Future of the Metaverse
  • Prominent backers such as Dapper Labs, Multicoin Capital, Rally founder Kevin Chou, Signum Growth Capital, Kevin Durant and Rich Kleiman's Thirty Five Ventures and non-fungible token (NFT) collector WhaleShark also invested.

    The capital injection follows an earlier pre-seed investment by ConsenSys and will be used to hire additional staff and grow the platform’s presence across Latin America and Southeast Asia, according to Community Gaming CEO Chris Gonsalves.

    Community Gaming’s blockchain-based platform enables rewards to be paid out instantaneously in the ERC-20 token of the organizer’s choice, and sent directly to users’ crypto wallets. 

    Is the latest example of the worlds of blockchain and video games colliding. NFTs have emerged as a popular way to buy digital collectibles; investors are betting on games as the next venue for crypto’s mainstream embrace.

    Gaming gateway

    Much like Dapper Labs’ NBA Top Shot, Community Gaming’s platform is designed to be user-friendly even for people with no prior crypto experience. Registering an account with the platform generates a wallet, and fiat-to-crypto onboarding makes Community Gaming beginner-friendly.

    “I think this is a mainstream avenue for getting more broad consumer adoption of crypto,” CoinFund investor Evan Feng said of the platform, adding:

    “There are so many similarities between the crypto and the gaming communities. An open-mindedness, a little bit more risk or adventure seeking, and generally an openness to the idea of self-sovereignty.”

    According to Gonsalves, the platform’s number of active users is growing quickly, doubling to 20,000 in June alone. 

    Gonsalves also said the platform, which until now has been making the majority of its revenue through sponsorships with companies like Facebook Gaming, MakerDAO and Theta.tv, plans to begin charging a 5% commission on all tournaments.

    Disclosure

    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 Block.one; 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.


    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 consensus.coindesk.com to register and buy your pass now.