Ancient8 nets $6 mln for GameFi amid Vietnam blockchain boost

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.

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.