iBLOXX gets a $5 million funding for expanding its game development department

02/23/2023 14:05 • Metaverse Matters • 142 views

On February 23, the Web3 incubator and market maker iBLOXX announced the completion of a $5 million financing, and PrimeXM led the investment, which will be used to expand the company’s game development department iBLOXX Studios. This investment will make the post-investment valuation of its game department reach $30 million.

Web3 incubator and market maker iBLOXX completed $5 million financing

Interpret the above information:

iBLOXX, a Web3 incubator and market maker, has received a funding of $5 million from PrimeXM. This investment will be used to expand the game development sector of iBLOXX Studios. As a result of this investment, the post-investment valuation of its game development unit will reach $30 million.

The funding news has been seen as a positive step towards iBLOXX’s growth strategy. The company’s expansion plans for its game development unit indicate its focus on capturing the growing gaming sector. This move is also seen as a good investment by PrimeXM in a growing industry.

iBLOXX Studios is known for its game development capabilities, and the funding will be used to strengthen its position in the industry. With its expertise in blockchain technology, iBLOXX has been working on developing games with a decentralized approach. This focus on decentralized gaming is expected to be a key driver of growth for the company.

Another possible reason behind iBLOXX’s focus on gaming could be the current demand for blockchain-based games. As blockchain technology becomes more mainstream, the demand for games that utilize this technology is expected to grow. iBLOXX seems to be tapping into this market by developing games that use blockchain technology.

PrimeXM’s investment in iBLOXX is seen as a recognition of the company’s potential. As a well-known financial technology company, PrimeXM’s investment in iBLOXX indicates the confidence it has in the company’s growth prospects.

In conclusion, iBLOXX’s $5 million funding from PrimeXM is expected to boost the company’s growth plans for the game development sector. The investment will strengthen its position in the industry and help it capture the growing demand for blockchain-based games. With its expertise in blockchain technology, iBLOXX is well-positioned to take advantage of this growing market.

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iBLOXX gets a $5 million funding for expanding its game development department

Web3 incubator and market maker iBLOXX completed $5 million financing

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