Iskra Blockchain-Powered Web3 Game Platform Chalked up $34 million, Led by a Korean Online Leviathan

One truth out of the numerous cocksureness concerning Web3 Games is that it has decentralized and permissionless play assets, restoring digital possession of in-game items to players. In fact, it is revolutionizing gaming, ushering in a paradigm shift in how players interact with and understand games. Interestingly, a rosy web3 game startup has recently captured the public’s attention. Iskra blockchain-powered Web3 game platform reimagines existing game publication models, restoring power to game developers, players, and investors.

Iskra has declared that it’s received a $34 million investment from Krust Universe, a Korean IT giant investment arm. Iskra is a comparatively obscure firm that appeared out of nowhere to receive significant money from well-known corporations. Although “Iskra” is a new name, the startup intends to be the future of Play, alleviating category growing pains while creating exciting chances and new game experiences for gamers, developers, and investors.

The Future of Play is here to stay, collaborating with global corporations

“We believe Iskra is pioneering the way to become the next-generation blockchain gaming publishing platform with unique features for game developers, users and other participants. We chose to invest in Iskra because we identify strong synergy between their ecosystem and ours. Together, we will take the blockchain and Web3 gaming industry to the next level.” Henry Chang, CEO of WeMade

The Future of Play is here to stay, and it is supported by some of Korea’s most prominent technology and gaming companies. Iskra plans to launch next-generation Web3 experiences via its Web3 game community platform using a $200 million game fund. Its community-forward system aligns stakeholders’ interests by rewarding them based on their participation while also incorporating sustainable tokenomic solutions for game developers who join its platform. By combining enjoyment, sustainability, and cutting-edge blockchain technology, the company hopes to bridge the web3 implementation gap between early adopters and the mainstream.

With Krust Universe, which incubates innovative startups that are building the next generation of groundbreaking technology applications by enabling their growth and supporting their global expansion, the list of investors read like a who’s who of the tech and gaming industry; WeMade, MetaBora, Neowiz, NHN Bigfoot, Fast Ventures, Liberty Investment, and Kakao Ventures.

ISKRA is Coming to the Limelight in ASIA

Current and prior milestones have demonstrated that the firm has the potential to be Asia’s Gala and Forte. When it comes to Web3 game platforms nowadays, Gala is the American behemoth, while Forte is the jumbo in Latam. The team is confident that Iskra will soon be the other key player in Asia.

A look at the company’s executive staff uncovers an all-star lineup of blockchain and online game industry professionals with multiple exits from companies like Dayli Financial Group and Tencent Holdings. A closer look reveals team members who worked on some of Korea’s biggest and most successful crypto initiatives (such as Icon Loop and LINE), as well as successful exits from key executives (i.e. Dayli Financial and Tencents)

Iskra has been concentrating its resources on developing the company’s Web3 game community platform and acquiring the best next-gen blockchain gaming content the country has to offer up till now. The majority of the initial material announced with the platform will come from the same group of investors.

Krust (Iskra’s principal investor) has a $200 USD million eco fund under management. This is unusual for a “startup” to be able to secure, but Iskra, on the other hand, looks to outperform expectations. Iskra’s blockchain-powered Web3 game platform offers earning opportunities through games and is also developing an open economy centered on gaming.

Junghoon Kim, Chief Investment Officer at Krust Universe, explained,

“Iskra is a seasoned team that can combine the best of blockchain and games. During our incubation, the team successfully built a model that incentivizes various stakeholders in the community.” The company further added, “Iskra is well aligned with the 2.0 strategy of Klaytn, a Krust portfolio, in which Klaytn becomes a blockchain of choice for gamefi and metaverse.”

The team wants to be more than just a part of the web3 future; they choose to shape it. With this goal in mind, Iskra is developing a forward-thinking devoted home for web3 gaming, and each user has a part in its success. Simply said, Iskra was created with easy blockchain integration in mind for anyone who enjoys gaming.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.