Crypto giant Binance and raises $200 M from VC firm Animoca brands for GameFi

Crypto giant Binance and raises $200 M from VC firm Animoca brands for GameFi

BSC-based projects will have the opportunity to learn from Animoca Brands and receive help from the BSC community. Binance Smart Chain (BSC) and Animoca Brands are teaming together to launch a $200 million funding initiative to help early cryptocurrency-focused game ventures get off the ground.

On Monday, BSC and Animoca announced that they would jointly invest up to $100 million in in-game initiatives in the GameFi industry. Animoca Brands is a key player in blockchain gaming and the open metaverse, focusing on giving property rights through non-fungible tokens (NFTs) and gaming. OpenSea, Harmony, and other vital NFT-related projects have received funding from the corporation.

One of the largest blockchain based ecosystems, BSC will invest $1 billion in decentralised finance (DeFi), nonfungible tokens (NFT), and GameFi through its $1 billion accelerator arm. The fund was announced earlier this year to expand the BSC ecosystem’s services and promote the mainstream use of fintech.

Animoca Brands is a key player in blockchain gaming and the open metaverse, focusing on giving property rights through non-fungible tokens (NFTs) and gaming. Axie Infinity, OpenSea, Bitski, Harmony, and other key NFT-related initiatives have received funding from the firm.

Along with the concept of the metaverse, GameFi, a combination of gaming and DeFi, has recently become one of the most popular concepts in the cryptocurrency sector. GameFi is the financialization of video gaming that uses a play-to-earn approach rather than a pay-to-win strategy.

Over the last few months, a number of big crypto and investment organisations, including Solana Ventures, Sanctor Capital, and others, have heavily invested in GameFi.

Binance Smart Chain will provide half of the $200 million investment programme from its $1 billion growth fund as part of the cooperation agreement. This will act as the platform’s accelerator arm. On the other hand, Animoca Brands will contribute the remaining $100 million.

Finance (crypto) and media are two industries that the blockchain (NFTs) space continues to cover. However, it is still mainly uncontrolled, a problem that authorities have repeatedly highlighted.

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