Framework Ventures will invest up to $200 million in blockchain gaming after securing $400 million in a third fund raise and dedicating the other half to blockchain gaming so let’s read more today in our latest Blockchain news.
The San Francisco-based company Framework Ventures manages $1.4 billion in assets and plans to continue investing in Web3 and DEFI. The fund secured $400 million with half of that dedicated to the investments in the blockchain gaming sector. The fund is earmarking up to $200 million for gaming which the company said will be one of the biggest forms of employment in the world.
1/ Framework Ventures has raised $400 million for our third crypto fund, dubbed “FVIII”, bringing our total AUM over $1.4 billion.
— Framework Ventures (@hiFramework) April 19, 2022
The company manages around $1.4 billion in assets. The venture capital firm led by Michael Anderson and Vance Spencer is focused on DEFI and believes that the blockchain-based games will be just as big:
“We go where the entrepreneurs go, and right now we’re spending most of our time focused on gaming and gaming-related infrastructure companies and publishers, guilds, and everything around the gaming ecosystem. In the next few years [blockchain] gaming is going to be something that bursts onto the scene in the same way DeFi did in 2019 and 2020.”
In a separate statement, the company said billions of people will get attracted to the allure and access to another economic opportunity found in new digital universes. The games built on the blockchain tech are a part of the growing ecosystem that wants to see in-game economies where players can sell, buy and trade things like NFTs and crypto. NFTs are unique digital tokens that provide ownership of things like music files or art. The framework is betting big somewhere else and the other half of the new fund will be used for both DEFI and web3 startups and networks. DEFI refers to the apps that want to make borrowing and lending faster and easier via automated and decentralized. DEFI apps and their tokens were quite popular in 2020 and helped to boost the prices of the two biggest coins, BTC and ETH.
As recently reported, The Indian gaming company counts Sequoia Capital India and RTP Global among the investors and has a few mobile video games under its belt in genres ranging from card games, sports, and fantasy games. The company earmarked up to $265 million from its fantasy cricket league where the players can win up to Rs 1 crore. MPL aimed to raise the investment as an extension of the Series E round with a valuation of $2.5 billion.
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