Binance Smart Chain (BSC) and Animoca Brands have launched a $200 million program to invest in blockchain gaming projects built on BSC.
Blockchain gaming projects are receiving a power up
The two companies will each invest $100 million in the investment program, which focuses on early-stage funding for blockchain gaming startups on the BSC network. For BSC, the investment comes from its $1 billion Accelerator Growth Program, which launched in October. The investment program appears to have been launched because there are currently a large number of blockchain games in Binance’s smart-chain ecosystem, such as CryptoMines, EpicHero, and BinaryX. Binance wants to boost this new industry.
“Gaming is one of the strong pillars of Web 2.0, reaching billions of users. Its large-scale real-life use case makes it one of the core focus areas for crypto’s mass adoption to onboard retail consumers into the Web 3.0 world,” said Gwendolyn Regina, Investment Director at Binance Smart Chain.
Binance partners with Animoca Brands for good reason
There’s a good reason why Binance partnered with Animoca Brands on this investment program. The company has been involved in several funding rounds for blockchain gaming start-ups. Its subsidiaries include The Sandbox, Blowfish Studios, Quidd, GAMEE, Bondly, Lympo, and others. Animoca Brands also has an extensive portfolio of investments in projects such as Axie Infinity, OpenSea, Dapper Labs Harmony, and Star Atlas.
The timing of the investment program’s launch is also not unexpected. There has been a massive increase in interest in blockchain gaming this year, with Axie Infinity at the forefront of the growth. In early October, the company behind the successful Play2Earn game Axie Infinity Sky Mavis raised $152 million in A16Z-led funding round. But Axie Infinity is not the only one having success. The Sandbox also raised $93 million in a Series B funding round. Binance is looking to achieve similar success with blockchain gaming in the Binance Smart Chain ecosystem.