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Editing by Nathaniel Cajuday
- Web3 gaming wallet-as-a-service solution Openfort raises $3 million in seed funding round.
- Leading investors include gumi Cryptos Capital, Maven 11, Game7, NGC Ventures, and Newman Capital.
- The raised funds will fuel product development and partnerships, enabling Openfort to offer a robust wallet solution for gaming projects, while addressing user experience challenges in web3 gaming.
Web3 Gaming Wallet-as-a-Service (WaaS) Solution Openfort announced that it has successfully raised $3 million in a seed funding round. The raised funds are expected to fuel product development and establish partnerships with web3 gaming entities, with the goal of delivering the most robust wallet solution tailored for gaming projects.
WaaS is a cloud-based platform that enables individuals and businesses to manage their digital wallets and perform financial transactions. It offers features such as wallet creation and management, secure storage for cryptocurrencies, transaction services, integration with exchanges, multi-currency support, and robust security measures.
The Seed Funding Round
During the seed funding round, gumi Cryptos Capital and Maven 11 took the lead as co-investors. Investment firms Game7, NGC Ventures, and Newman Capital also participated.
“Account Abstraction offers the best foundation technology for handling web3 gaming customer accounts, enabling web3 games to offer web2 quality user experiences while maintaining web3 functionality,” said Rui Zhang, the managing partner of gumi Cryptos Capital.
gumi Cryptos Capital (gCC) is a Silicon Valley-based boutique venture capital firm focused on supporting early-stage projects that contribute to this vision and has been an early backer of ventures like OpenSea, Yield Guild Games, 1inch, Hashflow, Qredo, and Agoric.
Meanwhile, for Balder Bomans, the managing partner of Maven 11, the reason for their participation in the seed funding round is that one of the biggest obstacles to wider adoption of verticals like gaming within web3 is the still bad end-user experience:
“With the implementation of Account Abstraction (AA) SDKs, gaming application developers can start to offer web2-like user experience, while at the same time offering the benefits of web3. Openfort is building the key infrastructure for interacting with AA, which will allow gaming developers to build customizable wallets with a great user experience which we believe is critical for further adoption of crypto gaming use cases.”
Maven 11 is a crypto-native fund that partners with innovative outliers who redefine ownership. They believe in creating a more open and inclusive world. Maven 11 values bold founders and builds strong, long-term relationships. They invest in ventures shaping the industry and beyond, with notable investments including Celestia, Qredo, Gensyn, Astria, and Fuel Labs.
On the other hand, Adrian Lai, the founder and managing partner of Newman Capital, emphasized that web3 gaming presents distinct technological hurdles that can hinder user journeys and experiences.
According to him, to make web3 gaming accessible to a wider audience, advanced tools are essential to overcoming these challenges, adding that game developers can create web3 games that offer seamless, user-friendly experiences with enhanced security.
Newman Capital is a Hong Kong-based venture capital firm connecting diverse communities across Asia and the US. They focus on exceptional founders and Web3 technologies, providing top-tier resources for impactful growth. Their investments target early-stage consumer applications in the entertainment, social, and gaming sectors.
“We are glad to support the Openfort team in delivering their account abstraction-enabled gaming wallet. We believe Joan and Jaume’s efforts will open the doors for more developers and gamers to the world of web3 gaming,” Lai added.
What is Openfort?
Openfort is a wallet-as-a-service solution that enables game developers to effortlessly integrate blockchain accounts into their games.
It was founded by brothers Joan and Jaume Alavedra; both have individually worked on diverse projects such as autonomous driving models, health tech applications, market-making in finance, and encryption protocols.
“Web2 hit games like Clash of Clans are accustomed to monitoring and controlling all aspects of their game economies. By offering programmable player management, we provide the power needed for the next hit games in web3,” Joan stressed.
The platform utilizes account abstraction, facilitating smooth transactions, batch transactions, and multi-chain transactions, along with player management and authentication features.
Currently, Openfort wants to offer video game studios what the firm describes as “frictionless” wallet technology, which consists of multiple APIs that are compatible with browser games as well as PC games built in Unity and Unreal Engine 5, the founders said in a statement.
Additionally, it supports ERC20 tokens, making it an ideal choice for games and gamified experiences without compromising the user experience.
This article is published on BitPinas: Wallet-as-a-Service Openfort Raises $3M for Robust Wallet Solution for Gaming Projects
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.