C2X Announces $25 Million Funding Round Led By FTX Ventures, Jump Crypto and Animoca Brands
MetaMagnet Ltd., operator of the universal blockchain gaming platform built on the Terra blockchain, C2X (“the Platform”), today announced the closing of a $25 million funding round led by FTX Ventures, Jump Crypto and Animoca Brands. This round was conducted as a private token sale, at a $500 million valuation to the platform. C2X also disclosed today that an Initial Exchange Offering (IEO) was conducted today, March 18, 2022, for the Platform’s native token, C2X. The public listing of the C2X token will be announced at a later date.
The private token sale saw participation from a marque list of investors including FTX Ventures, Jump Crypto, Animoca Brands, Hashed, Terra, Transcend Fund, Galaxy Interactive, Skybound, Blockchain Coinvestors, DeFiance Capital, Play Ventures, Crypto.com, Infinity Ventures Crypto, Unanimous Capital, Bowei, Xsolla, Huobi Ventures, Goal Ventures, Concept Art House and Agnitio Capital. These investors were selected given their prominence and history of leading ventures in their respective industries, including Gaming, Crypto, DeFi, Blockchain and entertainment.
C2X is a global leader in the development of web3 gaming architecture, advancing the industry forward through the use of decentralized finance. The Platform is built on Terra, an application-specific blockchain built on the Cosmos SDK and Tendermint consensus, which ensures that all assets and data needed will remain secure, transparent and tamper-proof. The Terra blockchain enables developers to build on a robust ecosystem that rewards both users and creators. With the support of its partners, Com2uS, Com2uS Holdings and Terraform Labs, C2X will continue to be a pioneer in the web3 gaming industry, while also providing builders on the platform access to additional tooling needed to create industry-leading titles.
Paul Kim, Director of MetaMagnet Ltd., commented on today’s news, “C2X is revolutionizing the blockchain gaming ecosystem by providing a platform that actively supports both its users and creators. As part of our long-term growth strategy, we are actively seeking out strategic endeavors that will exponentially increase the expansion of C2X. FTX has achieved tremendous success since its launch just over 3-years ago, and its ability to provide global users access to the digital asset ecosystem in a regulated manner made them the obvious choice for the IEO. The funds raised and today’s IEO will provide us with the necessary capital and global exposure to provide investors with additional value throughout C2X’s existence.”
The Platform is guided heavily by Com2uS and Com2uS Holdings, global multi-content and platform companies that lead the digital revolution of the future beyond gaming with their expertise in blockchain technology, who are the original contributors and master content providers with Terraform Labs and Hashed operating as C2X’s advisors. More than ten new titles are set to be released and supported by the C2X platform over the course of 2022.
Kim continued, “Blockchain technology provides a transparent and secure platform for users to buy, sell and store assets, and applying this concept to video games was the logical next step. At C2X, we have developed a platform that allows users to take full advantage of distributed ledger technology in a secure and transparent manner. It provides developers with an intuitive and user-friendly interface that eliminates the difficulty normally associated with building blockchain-based games. Developers will also have access to the full features of C2X; mobile wallet, NFT marketplace, and other tooling, as well as an experienced team that can advise on the in-game economy. C2X puts the power in the hands of the users and builders, not in a single centralized entity, enabling the full community to direct the platform’s operations and fully invest in its success. We would like to thank all of our investors and are looking forward to partnering with them to further advance the blockchain-based gaming ecosystem.”