Blockchain gaming company Xterio has raised $40 million to develop Web 3.0 game franchises, the startup announced on August 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.
Switzerland-headquartered FunPlus is a video game developer and publisher publishing 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 the exclusive partner of FunPlus to mint and deploy non-fungible tokens (NFTs) for all present 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 gaming experience and player ownership at the core, according to the press release.
The firm said it will use the fresh funds to publish games made by Xterio and other partners, create new intellectual properties (IP) and continue development on the Xterio platform. The startup added that it is currently in the middle of developing multiple games.
Xterio co-founder Jeremy Horn said in the press release:
“We believe that gameplay is enhanced by ownership, but we are most interested in creating long lasting franchises and rich gameplay experiences. We will build our games to be fun and engaging for both traditional gamers and the Web3 audience in a way that any type of player can enjoy.”
Horn previously served as the vice president of strategy at game developer Jam City, while Xterio CTO Yitao Guan co-founded FunPlus in 2010.