Binance, Animoca co-invests $200 million dollars to fund GameFi projects

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a guest writer at Qwenu and Deputy Editor-in-chief of Gamji Press.

Today, the Binance Smart Chain and Animoca Brands revealed that the duo is about to unveil a $200 million investment program to generate early cryptocurrency-focused gaming projects building on BSC.

The duo stated that they are co-investing $100 million each to support game projects in the GameFi sector.

BSC, one of the largest blockchain ecosystems, will invest $1 billion in decentralized finance (DeFi), nonfungible tokens (NFT), and GameFi through its accelerator arm. The fund was established earlier this year to expand the BSC ecosystem’s services and promote the mainstream use of fintech.

Animoca Brands is a key player in blockchain gaming and the open metaverse, focusing on giving property rights through non-fungible tokens (NFTs) and gaming. Axie Infinity, OpenSea, Bitski, Harmony, and other key NFT-related initiatives have received funding from the firm.

Along with the concept of the metaverse, GameFi, a combination of gaming and DeFi, has recently become one of the most popular terms in the cryptocurrency sector. GameFi is the financialization of video gaming that uses a play-to-learn approach rather than a win-to-win model.

Over the last several months, a number of significant crypto startups and investment firms have invested in GameFi, including Huobi crypto exchange, Solana Ventures, FTX, Sanctor Capital, and others.

Speaking about the project, the BSC investment director, Gwendolyn Regina, stated that: 

“With this co-investment, projects building on BSC will get the opportunity to gain insights and expertise from leading gaming giants such as Animoca Brands, along with collaboration opportunities with blockchain experts from the BSC Community.”

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