The Canadian company is concentrated on multichain R&D and blockchain gaming, which is a developing sector with the potential to reach valuations of several billion dollars.
ChainSafe, a Canadian Web3 infrastructure startup, has concluded a $18.75 million fundraising round supported by well-known industry venture firms, putting it on pace to grow operations at a time when demand for gaming services and blockchain infrastructure is rising.
Round13, a venture firm, served as the lead investor in the Series A round. NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group, and Fenbushi Capital also contributed. According to ChainSafe, the cash will promote the expansion and acceptance of Web3 technology.
The founding members of ChainSafe first met at a Toronto Ethereum event in 2017. Later that year, the blockchain research and development company ChainSafe was established. The business has created a software development kit that connects games made with the Unity platform to the blockchain and focuses mostly on multichain R&D.
After CryptoKitties was introduced in 2017, the relationship between gaming and blockchain technology has only become better. by the beginning of 2022, the market capitalization of blockchain games was over $25 billion. The blockchain gaming industry has been negatively impacted by the sharp decrease in the market capitalization of cryptocurrencies over the past six months, but venture capital has continued to invest extensively in the area.
Blockchain gaming and metaverse projects raised $1.3 billion in venture funding in the third quarter alone, according to DappRadar.
Despite varying projections, blockchain gaming, or GameFi as it is commonly known, may be valued at high multibillion-dollar levels in the years to come. According to those familiar with the sector, the estimated 1 billion online gamers predicted by 2025 will favor blockchain games.