CryptoKitties earns $12 Mln in Funding from huge investors
March 22, 2018 1:17 pm
Big Name Investors funded $12 Mln for CryptoKitties
According to the reports, an Ethereum-based virtual collectible game developed by Blockchain startup Axiom Zen raised $12 mln funds from a group of big-name investors, managed by two top venture capital companies Andreessen Horowitz and Union Square Ventures.
According to Fortune, both venture capital firms also invested in cryptocurrency exchange and wallet Coinbase. Andreessen Horowitz was also one of the early Facebook followers, and Union Square was an early Twitter investor.
CryptoKitties game was launched on Nov. 28, 2017, and became the most significant decentralized application (DApp) based on Ethereum. The DApp’s smart contracts amount stretched as high as 13.94 percent of Ethereum’s transaction volume over 1,500 blocks, even causing network congestion.
CryptoKitties allows users create and breed virtual cats, storing the digital transmitted material on the Blockchain. Users can also buy and sell the cats using the ETH cryptocurrency, which means users have to purchase Ethereum to play. Two months after the game was launched to the public, the ETH grew by over 152 percent, from $469 on Nov. 28 to $1185 on Jan. 28. ETH is currently trading at $556, according to the Coindelite’s Ethereum price chart.