In a fundraising round headed by game creator and Xterio partner FunPlus, FTX Ventures, and blockchain gaming platform XPLA, blockchain gaming platform Xterio raised $40 million. The money will be used to create games and expand the platform.
According to the white paper, Xterio combines a play-to-earn gaming platform with a GameFi-as-a-service solution for developers in the partner network. Xterio receives its technological stack from FunPlus, a prominent mobile strategy game developer with a global presence. To manufacture, distribute, and manage all non-fungible tokens (NFT) for existing and upcoming game titles, Xterio is FunPlus’ exclusive partner.
According to Jeremy Horn, co-founder and COO of Xterio, “today, there isn’t a mass-market, enjoyable, high-quality, high-fidelity game that includes Web3 and digital ownership in a meaningful way. When you look at our executive staff, you’ll see that we’re incredibly experienced hitmakers who have contributed to games that have brought in billions of dollars. We’re going to put enjoyment at the forefront of our releases since we know how to develop games.
Horn formerly held the position of vice president of strategy for Jam City, a maker of mobile games. Darion Lowenstein, the marketing director of Xterio, has experience in the video game business and has held producing positions at companies like Electronic Arts and Activision Blizzard. Yitao Guan has the position of chief technology officer at both Xterio and FunPlus, while CEO Michael Tong also holds the position of chief strategy officer at FunPlus.
In the fundraising round, Hashkey, Foresight Ventures, Headline, Matrix Partners, and Animoca Brands were also participants.
The platform offers customers a marketplace, a community hub, and a custodial cryptocurrency wallet. It is run by the charity Xterio Foundation, which has its headquarters in Switzerland. On the developer end, according to Horn, Xterio offers the technology to make it simpler for Web2 game developers to switch to Web3 in areas like minting NFTs, in-game trading, and legal compliance.
In the upcoming weeks, Xterio hopes to introduce its blockchain partner. This fall is when the first wave of game announcements is anticipated.
