- Leading cryptocurrency investor Animoca Brands spearheaded a $7 million fundraising round for Param Labs, a gaming platform with a sizable Discord and X internet community.
- Among the numerous other investors in the round were Delphi Ventures and Cypher Capital.
Already a frequent backer of cryptocurrency video game startups, Animoca Brands said that it spearheaded a $7 million fundraising round for Param Labs, a gaming platform.
Based in the United Arab Emirates, Param Labs offers a rather large online community. In addition to 500,000 Discord members, the firm claimed to have over 2.5 million X followers across all of its pages. Additionally, 300,000 people utilize the platform every day, according to Param Labs.
Co-founder and executive chairman of Animoca Brands Yat Siu said in a statement that this partnership is in line with their goal of “redefining the gaming landscape” and “ensuring that gamers are the true owners of their digital assets.” According to the announcement, Siu also made a strategic investment in Param Labs.
Cypher Capital and Delphi Ventures were among the other investors that took part.
The business also stated that Param Labs intends to create a gaming ecosystem that would be managed by its native PARAM coin, which is scheduled for debut shortly. “Kiraverse,” the company’s debut game, is a multiplayer shooter that can be played for free.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
