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New Ethereum Gaming Company Brings in $3 Million in Private Funding Round

BetProtocol, a blockchain startup that looks to be the “Ethereum of Gaming” has brought in around #3 million in token sales from a private offering, reports The Block.

They’re trying to pitch the fact that developers can create decentralized apps (dApps), or in this case, decentralized games, without any coding experience – a tall offer, indeed.

Speaking to the publication is a founding partner at Neo Global Capital (NCG) Ventures, the leading investor in this new round. There, he said:

“Our vision is that gaming is one of the top use cases for blockchain technology adoption. By providing an easy way to set up and launch new gaming applications, BetProtocol is well-positioned to become one of the top players of the space.”

As of now, blockchain-based gaming on either Ethereum or other platforms is fairly limited. Many of them are collection titles, showing off blockchain’s ability to provide non-fungible assets. Others are similar card games or slower-paced turn-based titles. One of the biggest of all time is CryptoKitties.

These games are stuck that way due to scalability issues on the Ethereum blockchain. Unfortunately, it just takes too long for transactions to send and verify for real-time games to be viable. BetProtocol hopes to expand this by moving into esports, according to the platform’s CEO, Rui Teixeira.

“We will use this investment to launch in China and South Korea, to scale the team and technology, and to take BetProtocol to other verticals like gaming in Esports and Sports.”

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/