Arcade, a GameFi platform, forms strategic partnership with Crypto.com Capital (the venture arm of Crypto.com) to advance play-to-earn gaming, GameFi, and metaverse adoption.
Founded in 2021, Arcade is a GameFi platform that allows token holders to earn rewards from Play-to-Earn metaverse games without requiring gameplay or even NFT ownership.
According to the agreement, Crypto.com Capital will become Arcade’s lead backer. Crypto.com mentioned that Web 3.0 powered by cryptocurrency will be the future of the internet and fairer and more equitable; owned by the builders, creators, and users.
Bobby Bao, MD of Crypto.com Capital, commented:
“Arcade is bringing an entirely new perspective to play-to-earn gaming by allowing anyone to access games without even needing to play or own assets directly. We’re proud to back this disruptive project by leading Arcade’s funding round.”
The partnership will soon bring several benefits to users of both the plaforms such as: lowering the barrier of entry to play-to-earn games, getting rewards, blockchain education, welcoming newcomers into the GameFi space, and allowing anyone to participate in the metaverse.
Blockchain technology is attracting a lot of interest from game developers looking to create new and interesting online gaming experiences. According to a recent survey of video game developers, the most prioritized elements of blockchain technology are ‘GameFi,’ the introduction of decentralized finance to games, and ‘Play-to-earn,’ an economic model that rewards players with real-world financial value.
Goin forward, the two crypto companies intends to lower the barrier of entry for play-to-earn gaming and simplify the GameFi experience.
Commenting on the joint venture, Arcade’s CEO, Josh Poole, said:
“Having support from Crypto.com Capital as the lead backer is a big deal for the future of GameFi. As one of the world’s leading exchanges and drivers for crypto adoption, they educate newcomers into the crypto industry every day.”
Founded in March 2021, Crypto.com Capital is the venture arm of Crypto.com, and invests in Seed and Series A crypto startups. With US$500 million earmarked for investment, Crypto.com Capital intends to accelerate the growth of early-stage crypto startups.
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