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.

Aug 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.

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.