Immutable, a layer-2 exchange protocol which supports ERC-20 and ERC-721 had raised $60 million for further development of its non-fungible token (NFT) platform.
The team behind Immutable are also the one behind Gods Unchained, a blockchain-based digital collectible card game where every card is an NFT which leverages blockchain technology to uniquely identify digital items. In this way, players can sell it to the marketplace so other players can directly buy from there. Upcoming NFT game Guild of Guardians is also using Immutable X as its scaling solution. (Read More: Guild of Guardians, Ember Sword and 3 Other Highly Anticipated NFT Games (Part 1))
The recent funding round was participated by Bitkraft Ventures, King River Capital, Prosus Ventures, Galaxy Interactive, Fabric Ventures and Apex Capital which accumulated a total funding amount raised for Immutable at $77.5 million.
Founded in 2018, Immutable X’s scaling solution platform allows games and other software gas-free transactions and because its technology is using StarkWare’s ZK-rollup technology it promises a huge ability of the blockchain to process massive transactions (around 9,000 transactions per second) without exchanging its security measures. (Read More: Play-to-Earn God’s Unchained Philippines Guide | What is $GODS Token)
According to James Ferguson, CEO of Immutable, “The biggest thing we’re looking to build is a set of tools that mainstream developers can use to build NFT games without ever having to worry about blockchain.”
Ferguson also added that the tools which they are trying to build will make sure that previous technology will also be handled well such as credit card purchases, anti-money laundering services, know-your-customer (KYC) regulatory compliance and more.
Further, Immutable X recently announced their new token “IMX” which will serve as the native token of the protocol wherein contributors will be rewarded for their contributions.
Aside from that, token holders will also have the credibility to use the token to vote on future developments of the protocol which will be published on Snapshot. Token holders can also earn a proportional share of IMX staking rewards pool by staking their IMX.
This article is published on BitPinas: Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million