MetaMagnet closes $25M round led by FTX, Animoca

MetaMagnet Ltd., who operates C2X, the universal blockchain gaming platform running on Terra (LUNA/USD), has closed a $25 million funding round led by well-known investors like Animoca Brands, FTX Ventures (FTX/USD), and Jump Crypto, PR News Wire reported.

C2X received $500M valuation

The round was held as a private token sale. C2X received a valuation of $500 million. C2X also announced that an Initial Exchange Offering (IEO) for the native token of C2X by the same name took place today.

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Other investors in the private token sale were Hashed, Galaxy Interactive, Skybound, Terra, Transcend Fund, Blockchain Coinvestors, DeFiance Capital, Infinity Ventures Crypto, Unanimous Capital, Play Ventures, Crypto.com (CRO/USD), Bowei, Xsolla, Concept Art House, Agnitio Capital, Huobi Ventures, Goal Ventures, and Formless Capital.

A global leader in web3 gaming architecture

C2X is advancing the industry through DeFi. Terra is built on the Cosmos SDK and Tendermint consensus, which makes sure that all the data and assets required will remain secure, tamper-proof, and transparent.

Terra allows developers to build on a solid ecosystem that rewards creators as well as users. C2X will continue to be a pioneer in the web3 gaming industry with the support of its partners, Com2uS, Com2uS Holdings and Terraform Labs, while giving builders on the platform access to additional tooling needed to create industry-leading titles at the same time.

Paul Kim, Director of MetaMagnet Ltd., commented:

C2X is revolutionizing the blockchain gaming ecosystem by providing a platform that actively supports both its users and creators. As part of our long-term growth strategy, we are actively seeking out strategic endeavors that will exponentially increase the expansion of C2X. FTX has achieved tremendous success since its launch just over 3-years ago, and its ability to provide global users access to the digital asset ecosystem in a regulated manner made them the obvious choice for the IEO. The funds raised and today’s IEO will provide us with the necessary capital and global exposure to provide investors with additional value throughout C2X’s existence.

C2X to release 10 new titles in 2022

C2X plans to release more than ten new game titles this year. The platform receives heavy guidance from Com2uS and Com2uS Holdings, international multi-content companies. They are the original contributors and master content providers. Hashed and Terraform Labs function as C2X’s advisors.