Ancient8 nets $6 mln for GameFi amid Vietnam blockchain boost

By Nguyen Tuong
Wed, June 15, 2022 | 4:47 pm GMT+7

Blockchain-based Ancient8 said it has raised $6 million to further develop GameFi infrastructure, as Vietnam stirs up blockchain technology development along with giant Binance.

The new capital stems from a funding round led by interactive entertainment venture capital firm Makers Fund and C2 Ventures, the Vietnam-based company stated in a release. The other investors in the round are Pantera Capital, 6th Man Ventures, IOSG Ventures, Folius Ventures, Morningstar Ventures, Th3ia Capital, Sky9 Capital, and Play Ventures.

An image used by Ancient8 to promote its branding. Photo courtesy of the company.

An image used by Ancient8 to promote its branding. Photo courtesy of the company.

GameFi is a term describing the intersection of video games and financing typically backed by blockchain currency. The term matches the success of major crypto gaming title Axie Infinity, a non-fungible token (NFT)-based online video game developed by Vietnamese studio Sky Mavis, known for its in-game economy that uses Ethereum-based cryptocurrencies.

Ancient8 said the new proceeds will go to its efforts in building out its software products and expanding its community, which already includes an active user base of around 200,000 members.

The blockchain-based company added it has partnered with more than 25 leading GameFi projects - this cooperation includes Axie Infinity and Phantom Galaxies, a simulation game published by Animoca Brands, a Hong Kong-based game software company and major venture capital firm.

Animoca Brands, which invests in NFTs and metaverse projects, has invested over $1.5 billion across more than 340 projects as of April 30, 2022, according to its unaudited financial results released on June 6.

For its part, Ancient8 said it is set to launch in the coming months a “GameFi identity product” and a pair of tokens to engage users via a go-to-market strategy for Web3 gaming. The new products would be used to link with other top blockchain games.

Vietnam Blockchain Association (VBA), at its launch this May, announced a series of action programs to promote blockchain technology’s application in a digital economy and leverage Vietnam’s position on the global technology map.

The VBA establishment shows the Vietnamese government’s motivation to endorse blockchain development in order to further promote the tech-savvy country’s growth.

At the event, the association also inaugurated its strategic partnership with Binance, the largest online exchange in the world in terms of daily trading volume of cryptocurrencies.

The partnership is expected to drive the country’s crypto sector with a new vision and motivation.

Vietnam Blockchain Summit 2022 was scheduled for July 21-22 in Hanoi, aiming to promote the development of blockchain and digital economy in Vietnam, and help attract more foreign investments in the sector.

Binance and Vietnamese unicorn Sky Mavis - the creator of Axie Infinity - are set to join the summit with other Blockchain majors like Houbi Global, Solana, Decom Wings, and Whydah, according to the event organizers, which include the association and Vietnam Software and IT Services Association.

Comments (0)
  • Read More
CMC Corporation breaks ground on $300 mln technology hub in Hanoi

CMC Corporation breaks ground on $300 mln technology hub in Hanoi

Vietnam's leading technology firm CMC Corporation on Monday broke ground on its $300 million Hanoi CMC Creative Space (CCS Hanoi) project.

Industries - Mon, June 2, 2025 | 11:19 pm GMT+7

Thailand’s industrial output up after 9-month decline

Thailand’s industrial output up after 9-month decline

Thailand’s industrial output has turned positive for the first time in nine months, with the automotive sector rebounding after a 21-month slump, said Thai Deputy Finance Minister Paopoom Rojanasakul.

Southeast Asia - Mon, June 2, 2025 | 10:48 pm GMT+7

Singapore, France to expand cooperation in civil nuclear energy, defence technology, AI research

Singapore, France to expand cooperation in civil nuclear energy, defence technology, AI research

Singapore and France have upgraded their Strategic Partnership signed in 2012 to a Comprehensive Strategic Partnership (CSP), marking Singapore's first CSP with a European country.

Southeast Asia - Mon, June 2, 2025 | 10:47 pm GMT+7

Masan MEATLife stock jumps on continued profit momentum

Masan MEATLife stock jumps on continued profit momentum

The ticker of Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, jumped by 8.71% to VND31,200 ($1.2) per share on Monday, after it reported profit for the third consecutive quarter in Q1/2025.

Companies - Mon, June 2, 2025 | 10:34 pm GMT+7

Vietnam's VSIP Binh Dinh industrial park seeks to become 'golden destination' for Thai firms

Vietnam's VSIP Binh Dinh industrial park seeks to become 'golden destination' for Thai firms

The Becamex VSIP Binh Dinh service-urban-industrial complex in the central province of Binh Dinh is emerging as a promising destination for Thai enterprises, said its developer Becamex Binh Dinh JSC.

Industrial real estate - Mon, June 2, 2025 | 10:24 pm GMT+7

Termination of feed-in-tariff mechanism a major bottleneck in Vietnam’s electricity transition: expert

Termination of feed-in-tariff mechanism a major bottleneck in Vietnam’s electricity transition: expert

A major bottleneck in Vietnam’s electricity transition has been the termination of the feed-in-tariff (FIT) mechanism in 2021, with no suitable replacement mechanism in place, according to the director of Hanoi-based Institute of Energy Technology.

Economy - Mon, June 2, 2025 | 4:56 pm GMT+7

Vietnam Vaccine JSC launches high-quality healthcare shop chain

Vietnam Vaccine JSC launches high-quality healthcare shop chain

Vietnam Vaccine JSC (VNVC), well known for its vacciation services, on Saturday launched its VNVC Shop, a chain offering safe, high-quality healthcare products from globally recognized brands.

Companies - Mon, June 2, 2025 | 4:05 pm GMT+7

Vietnam heavyweight PV Gas plans $3 bln investment over next 5 years

Vietnam heavyweight PV Gas plans $3 bln investment over next 5 years

PV Gas, a subsidiary of state-owned giant Petrovietnam, plans to make "strong investment" over the next five years in areas such as infrastructure and import-distribution of LNG.

Energy - Mon, June 2, 2025 | 2:01 pm GMT+7

Vietnam sees renewed output expansion, improved business confidence in May: S&P Global

Vietnam sees renewed output expansion, improved business confidence in May: S&P Global

May saw a more stable picture in terms of U.S. tariff policies than April, helping lead to a renewed expansion in output and improved business confidence, says Andrew Harker, economics director at S&P Global Market Intelligence.

Economy - Mon, June 2, 2025 | 9:18 am GMT+7

Vietnam considers developing 2 inter-regional renewable energy service and industry hubs

Vietnam considers developing 2 inter-regional renewable energy service and industry hubs

The Ministry of Industry and Trade (MoIT) has proposed building two inter-regional renewable energy service and industry hubs in the country.

Economy - Mon, June 2, 2025 | 8:00 am GMT+7

Investors advised to take profits from stocks having risen sharply

Investors advised to take profits from stocks having risen sharply

Investors should maintain a balanced stock allocation in their portfolios and consider buying opportunities if the VN-Index retreats to the 1,300-1,320 point range, say market experts.

Finance - Sun, June 1, 2025 | 8:10 pm GMT+7

Shares of Vietnam's leading jewelry maker PNJ jump over 30% ahead of gold inspection report

Shares of Vietnam's leading jewelry maker PNJ jump over 30% ahead of gold inspection report

Shares of Phu Nhuan Jewelry JSC (PNJ), a leading jewelry producer in Vietnam, rallied sharply ahead of the central bank’s Friday release of its gold market inspection findings.

Companies - Sun, June 1, 2025 | 1:14 pm GMT+7

Vietnamese firm takes over 40-year-old Pierre Cardin shoe chain in Thailand

Vietnamese firm takes over 40-year-old Pierre Cardin shoe chain in Thailand

Emall Vietnam, which owns a network of 100 high-end business shoe stores under the Pierre Cardin and Oscar brands in Vietnam, has taken over the entire Pierre Cardin shoe system in Thailand.

Companies - Sun, June 1, 2025 | 10:29 am GMT+7

Southern Vietnam province Ba Ria-Vung Tau okays 53 projects

Southern Vietnam province Ba Ria-Vung Tau okays 53 projects

Ba Ria-Vung Tau authorities on Friday granted in-principle approvals or investment registration certificates for 53 projects, including a green light for a $400 million investment capital hike of the $5.4 billion Long Son Petrochemicals Complex.

Industries - Sun, June 1, 2025 | 8:00 am GMT+7

Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland 

Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland 

Novaland, a major real estate developer in Vietnam, will simultaneously implement plans to issue bonus shares and offer ESOP (employee stock ownership plan) shares, with a total issuance rate of 5%, equivalent to more than 97 million units.

Companies - Sat, May 31, 2025 | 11:09 pm GMT+7

Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed

Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed

Billionaire Pham Nhat Vuong has registered to transfer more than 48 million Vingroup (VIC) shares to the newly-established VinSpeed that registered to build the North-South high-speed railway project.

Companies - Sat, May 31, 2025 | 7:14 pm GMT+7