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Jun 18, 2022
by Usha Yadav
Immutable X Raises $500M Fund For NFT, Game Developers
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Immutable, the company behind Ethereum's Immutable X layer-2 scaling solution, has announced the creation of a $500 million fund to encourage more developers to use the platform. In collaboration with various VC firms and ecosystem allies, the Immutable Ventures fund will invest in and provide grants to companies that build on Immutable X, utilizing a mix of IMX tokens and cash. The $500 million venture, comprising assets from Animoca Brands, BITKRAFT Ventures, GameStop, Arrington Capital, King River Capital, AirTree, and Double Peak, was announced today by the company. Co-founder and President Robbie Ferguson said,
"Immutable Ventures will target NFT projects that are committed to our growing digital ecosystem with the understanding that we have just begun to scratch the surface of the massive potential for this category,"
Immutable X is a Scaling Solution
Immutable X is a scaling solution that allows for faster, cheaper, and more energy-efficient transactions than Ethereum's mainnet can manage. The platform processes transactions on its chain, then bundle them and commits them to the Ethereum blockchain using StarkWare's StarkEx rollup technology. This scaling solution is well-suited to applications that require many transactions, including low-value purchases, such as crypto-powered games and NFT initiatives. Immutable X is also used by partners such as TikTok, VeVe, entrepreneur and NFT inventor Gary Vaynerchuk, and esports behemoth ESL. OpenSea, a leading NFT marketplace, stated plans to incorporate Immutable X in March 2021 but has yet to do so.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.