Blockchain gaming company Xterio has raised $40 million to develop a Web 3.0 gaming franchise, the startup announced Aug. 30.
The funding was led by FTX Ventures, FunPlus, Makers Fund and XPLA, the venture capital arm of crypto exchange FTX, the press release said.
Headquartered in Switzerland, FunPlus is a video game developer and publisher with games such as King of Avalon, State of Survival and Guns of Glory. FunPlus provides Xterio with its tech stack. Xterio, on the other hand, is the sole partner of FunPlus to create and deploy Non-Fungible Tokens (NFTs) for all his FunPlus game titles now and in the future.
Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto and Matrix Partners also participated in the funding round.
According to a press release, Xterio will focus on free-to-play multiplayer games centered around gaming experience and player ownership.
The company said it will use the new funding to publish games made by Xterio and other partners, create new intellectual property (IP), and continue development on the Xterio platform. The startup added that it is currently in the process of developing multiple games.
Xterio co-founder Jeremy Horn said in a press release:
“While we believe gameplay is enhanced by ownership, we are most interested in creating long-lasting franchises and rich gameplay experiences. We build games that are fun and engaging in a way that any type of player will enjoy.”
Horn previously served as VP of Strategy at game developer Jam City, where Xterio CTO Yitao Guan co-founded FunPlus in 2010.