Arcade lands $3.2M from Crypto.Com, Solana, KuCoin and others to take GameFi mainstream
Arcade, a GameFi platform that’s democratizing web3 gaming, announced it has just raised $3.2 million in seed funding. The announcement comes at a time when crypto startups are struggling to raise new funding due to the ongoing crypto winter.
The round was backed by several industry heavyweights and renowned investors including Crypto.com, which led the funding round. Arcade will use the funding proceeds to double down on its mission to transform blockchain gaming and GameFi into a space that is accessible to everyone.
The round also included investments from Tenzor Capital, Alpha Crypto Capital, Highland Ventures, Flow Ventures, Panga Ventures, Hindsgaul Capital, WealthUnion, VKS, Khalili Bros, Contango, PlutusVC, and BigBrain all contributed to the seed round. So did PARSIQ, Solana Ventures, Shima Capital, KuCoin Labs, LD Capital, Capital, Rainmaker Games, HotBit, GSR, Moonrock Capital, Non-Fungible Labs, W3I, Master Ventures, StarLaunch, Good Games Guild, Prometeus Labs, NxGen, and Merit Circle.
Arcade wants to make blockchain gaming accessible to a global audience and to drive down the financial barriers to participation. These include the requirement to purchase native NFTs, representing land or characters, that can cost hundreds, if not, thousands of dollars. Through its Mission Pools, anyone can earn rewards from engaging in Play-to-Earn activities without the need to own the corresponding in-game NFTs.
KuCoin Labs Head Xinly YU said: “The fundamental difference between a GameFi project and traditional games are the former’s strong finance features. However, not everyone is good at playing or has time to play games and earn. This is where Arcade fills the gap by enabling those groups of people to enjoy earning yields through their specific products without directly playing the games themselves.”
Solana Ventures’ Josh Finer added: “We are excited to support Arcade2Earn as it bridges the gap between DeFi and GameFi on Solana. Whether you are a passive spectator or avid gamer, the Arcade2Earn platform offers unparalleled exposure to the blockchain gaming ecosystem.”
Arcade is built for those who are passionate about GameFi. It connects users with the in-game rewards that are available in any Play-to-Earn game. ‘Arcadians’ can contribute to the community Mission Pool or take on the role of an operator who carries out the skill set required for Play-to-Earn games across multiple chains.