Immutable has raised $60 million in a Series B funding round, led by BITKRAFT and King River Capital.
The project has now raised $77.5 million to scale its world-class, carbon-neutral NFT projects on Ethereum.
Immutable has announced the successful completion of a Series B funding round in which it raised $60 million. The layer-2 scalability protocol for non-fungible tokens has now raised $77.5 million in total funding and will channel the latest funding to scaling its NFT games and strengthen global partnerships.
The latest round was led by BITKRAFT, a venture capital firm with over $475 million in assets under management and a portfolio of over 50 companies. King River Capital, a company that has invested in successful startups such as FinClear and Sentropy also co-led the round.
Other investors include Alameda Research, the company founded by FTX CEO and cryptocurrency billionaire Sam Bankman-Fried; Apex Capital, Reinventure, AirTree Ventures, Prosus Ventures, Galaxy Interactive and Fabric Ventures.
In its press release, Immutable revealed that it intends to channel the funds to some of its successful products and to expand.
The funding will be used to expand the global engineering and sales team, and strengthen key partnerships with gaming companies. It will also be used to scale the growth of Immutable’s in-house published NFT games, Gods Unchained and Guild of Guardians.
There’ no question that Ethereum is the home of NFTs. While some other projects like Solana and now Cardano have attempted to take a stab at this market, the top altcoin project still reigns supreme. However, Ethereum is hampered by high fees and slow transactions. This has led many to turn to layer-2 scaling solutions that allow them to still use Ethereum but evade the drawbacks.
Immutable has established itself as one of the layer-2 NFT solutions to watch. Boasting 9,000 transactions per second, zero gas fees for creating or trading NFTs and instant transactions, Immutable allows users to get into the lucrative NFTs business while remaining completely carbon-neutral.
The project’s scaling protocol, known as Immutable X, is built with StarkWare’ zero-knowledge-rollup, “capable of massive scalability without compromising security.”
Robbie Ferguson, the Immutable co-founder remarked:
NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing – the security and user-base of Ethereum. We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming is required.