Blockchain game company Xterio has raised $40 million to develop Web 3.0 game franchises, the startup announced on Aug. 30.
The funding was led by FTX Ventures, the venture capital arm of crypto exchange FTX, FunPlus, Makers Fund, and XPLA, the press release said.
FunPlus, headquartered in Switzerland, is a video game developer and publisher that publishes games such as King of Avalon, State of Survival, and Guns of Glory. FunPlus provides Xterio with its technology stack. Xterio, on the other hand, is FunPlus’ exclusive partner to create and deploy non-fungible tokens (NFTs) for all current and future FunPlus game titles.
The funding round also saw participation from Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto, and Matrix Partners.
Xterio will focus on free-to-play multiplayer games with gameplay experience and player ownership at its core, according to the press release.
The company said it will use the new funds to publish games created by Xterio and other partners, create new intellectual properties (IP), and continue development on the Xterio platform. The startup added that it is currently developing several games.
Xterio co-founder Jeremy Horn said in the press release:
“We believe gameplay is enhanced by ownership, but we’re most interested in creating enduring franchises and rich gameplay experiences. We’ll build our games to be fun and engaging for both players. traditional and for Web3 audiences, in a way that any kind of gamer can enjoy.
Horn was previously vice president of strategy at game developer Jam City, while Xterio CTO Yitao Guan co-founded FunPlus in 2010.