Blockchain Xterio Raises $40 Million
Blockchain platform Xterio has secured $40 million in funding led by FunPlus, with participation from Makers Fund, FTX Ventures, and XPLA.
The gaming blockchain platform Xterio has raised $40 million in a funding round led by game developer and Xterio partner FunPlus, alongside FTX Ventures and blockchain gaming platform XPLA. The funds will be used for game development and platform building.
Xterio integrates play-to-earn gaming and GameFi-as-a-service products for developers within its partner network.
FunPlus, a global developer of popular mobile strategy games, provides its technology platform to Xterio.
Xterio holds exclusive rights from FunPlus to integrate, deploy, and manage all non-fungible tokens (NFTs) for current and future games.
Jeremy Horn, co-founder and CEO of Xterio, stated to CoinDesk in an interview, "When you look at our leadership team, we are proven successful individuals... who have worked on games that have generated billions of dollars in revenue. We know how to create games and we will put fun at the heart of our releases."
Previously, Jeremy Horn served as Vice President of Strategy at mobile game developer Jam City.
Xterio's Chief Marketing Officer, Darion Lowenstein, is a gaming industry veteran with production roles at Electronic Arts and Activision Blizzard.
CEO Michael Tong also serves as the strategy director at FunPlus, while Yitao Guan is the CTO of both Xterio and FunPlus.
Other participants in the funding round include Hashkey, Foresight Ventures, Headline, Matrix Partners, and Animoca Brands.
Xterio, headquartered in Switzerland and overseen by the non-profit organization Xterio, introduces users to a marketplace, community center, and supervised cryptocurrency wallet.
For developers, Xterio provides technology to facilitate the transition of Web2 game producers to Web3, such as creating in-game NFTs and compliance adherence.
Xterio plans to disclose its blockchain partners in the coming weeks, with the first game announcement expected this fall.
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