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    SoftBank-Led Round for Crypto Esports: Community Gaming Raised $16M

    Community Gaming has closed a $16 million Series A funding round led by SoftBank Group’s SB Opportunity Fund. The funding will help drive the company’s expansion into Latin America and Southeast Asia.

    SoftBank, a Japanese conglomerate, launched the $5 billion fund in 2019 In September, a $3 billion follow-up fund launched.

    “North America will still be our biggest market,” Chris Gonsalves, CEO of Community Gaming, told CoinDesk in an interview. “But we’re seeing the most organic growth in Latin America.”

    Community Gaming is an online platform that allows gamers to organize their own esports tournaments, gaming competitions, and other events for any game. Web 3 is integrated into the equation by using blockchain-based sign ups and instant payments. According to the company, 100,000 people registered on the Community Gaming platform in the first quarter of this year.

    Other participants included Binance Labs and BITKRAFT Ventures as well as CoinFund and Griffin Gaming Partners.

    Later this quarter, Community Gaming will launch a “Quests” feature that rewards users for time spent on the platform rather than just paying the top winners of an esports tournament. It’s a variation on this season’s “play-to-earn” trend.

    “You could think of it like a loyalty system or a retention system where you’ll be able to complete quests every single day that earn you small amounts of money,” said Gonsalves, describing the new model.

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