- Kandle raised $1.7 million in a seed funding round led by Saama, with participation from several investors in the gaming and financial sector.
- Singapore-based GameFi project Kandle offers innovative fantasy games using crypto coins.
- During its soft launch, Kandle.xyz attracted over 80,000 players, indicating a significant interest in their innovative approach to crypto fantasy gaming.
- The funding will be utilized to further develop the platform and expand its user base across Asia and North America.
Kandle, a Singapore-based crypto fantasy GameFi project, has raised $1.7 million in a seed funding round led by Saama. The seed funding round also saw participation from various investors in the gaming and financial services industry, including PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and CoinDCX CEO, Sumit Gupta.
The funds will be utilized to further develop the platform and expand its user base, Kandle mentioned in a press release shared with AlexaBlockchain.
The flagship product of Kandle (Kandle.xyz) is ‘Crypto Fantasy Leagues,’ a game that allows players to choose crypto coins as their battle tokens and compete against each other in a battle of portfolios. This unique intersection of gaming and crypto presents a significant opportunity for the platform to attract users looking for alternatives to traditional crypto trading.
The platform has already gained a presence in several countries, including Indonesia, Vietnam, Nigeria, and India, and aims to expand further across Asia and North America.
Kandle offers innovative fantasy games using crypto coins, where players can compete for rewards. The project plans to release its roadmap on token issuance, token utility, and a Play-and-Win model that aims to reimagine the Play-to-Earn ecosystem.
Founder of Kandle, Jaideep Yadav, expressed excitement about the intersection of gaming and crypto, stating that they are at the forefront of this evolution in crypto fantasy gaming. He emphasized the focus on building a sustainable gaming product based on sound gaming principles and integrating smart contracts to ensure transparency, security, and fairness in the games.
Saama, the lead investor in the seed round, praised Kandle’s innovative approach in combining gaming and crypto. Ash Lilani, Managing Partner at Saama, mentioned that the gamified approach of Kandle allows users to engage with crypto without taking direct exposure to any of the coins, making it a safer option for the next generation of users.
CoinDCX’s CEO, Sumit Gupta, who is also an investor in Kandle, believes that the project has the potential to become a leading player in the crypto gaming industry.
Kandle has already gained a significant following among early adopters seeking alternatives to the volatile world of crypto trading. During its soft launch, the platform successfully completed beta testing, attracting over 80,000 players. With exciting games like Crypto Fantasy Leagues and Play-2-Earn format, Kandle is combining crypto trading skills with fantasy gaming, marking an industry first in the growing GameFi space.