OKEx Establishes $10M Fund for GameFi Projects

The cash will come from the exchange's $100 million OKEx BlockDream Ventures fund, which invests in blockchain projects.

AccessTimeIconAug 20, 2021 at 9:35 a.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC

Crypto exchange OKEx said it is launching a $10 million fund to help develop GameFi, or “play-to-earn,” projects.

  • The cash will come from the exchange's $100 million OKEx BlockDream Ventures fund, which invests in blockchain projects, the company said.
  • GameFi introduces financial mechanisms into games, allowing users to make money by playing.
  • OKEx will host a hackathon on Aug. 26 dubbed "BUIDL IN METAFORCE," including a demo day aimed at connecting developers with potential investors.
  • The winning team in the hackathon will receive $1 million in funding as well as advanced listing and promotion.
  • GameFi has demonstrated the potential to be the next blockchain battleground after decentralized finance (DeFi). The most recent demonstration occurred on July 30, when transactions on Binance Smart Chain outstripped Ethereum's thanks in a large part to the BSC-based game CryptoBlades, which boasted more than 621,000 users last month.


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

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.


CoinDesk - Unknown
Crypto Lender Celsius Network Exploring Options to ‘Preserve and Protect’ Assets

Celsius Network is consulting with experts to try to reduce the fallout from its mid-June swoon.

CoinDesk - Unknown
CoinDesk - Unknown
Vitalik's Mom Offers Advice on How to Make It in Crypto

“You need to have a lot of perseverance and a lot of patience,” she said in an interview for CoinDesk's "Future of Work Week."

CoinDesk - Unknown
CoinDesk - Unknown
Do Rate Hikes Matter? Bitcoin Traders Learn How Fed Moves Markets in Twitter Era

The Federal Reserve has become a big believer in forward guidance over the years, starting with Ben Bernanke. But the central bank under Jerome Powell has taken transparency to a new level.

CoinDesk - Unknown