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    NFT Scaling Platform immutable raises $200 million in Series B Funding Round

    Immutable X – a layer 2 NFT trading platform built on Ethereum – announced the closing of a $200 million Series C funding round on Monday. Led by Singaporean investment company Temasek, the round brings Immutable’s valuation up to $2.5 billion.

    Expansion of the Team

    Five other investors participated in the round: ParaFi Capital (Princeville Capital), ParaFi Capital (ParaFi Capital), Mirae Asset (Liberty Global), and ParaFi Capital (ParaFi Capital). Several existing investors like Prosus Ventures. AirTree Ventures. Fabric Ventures. ParaFi Capital. Mirae Asset. and Liberty Global all increased their positions within the company.

    According to a press release, the capital will help fund the organization’s global expansion while investing in the growth of its platform. Some of the companies already building on the platform include GameStop, TikTok, OpenSea, and GaryVee’s “VeeFriends”.

    Furthermore, the money will help scale Immutable’s gaming studio, which already includes blockchain games like Gods Unchained and Guild of Guardians.

    Immutable’s current team consists of 165 people but intends to hire another 200 employees across the world over the next 12 months. Immutable has added 4 C-suite executive members to its international expansion team. CGO John Boris CGO Gin Findlay, CGO Katherine Rau, CSO Justin Hulog and CSO Justin Hulog are some of these executives.

    Immutable uses a scaling technology known as “zero-knowledge rollups” which allow users to cheaply bundle hundreds of thousands of transactions off-chain before securing them on the Ethereum base chain. This scaling solution allows game developers to create low-cost in-game tokens by bringing it to NFTs.

    “Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest growing industry,” said Immutable CEO James Ferguson. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth.

    Immutable’s Growth

    Gamestop partnered with Immutable last month to launch an NFT marketplace and a $100 million cofund supporting the development of NFT gaming projects. Immutable will gift Gamestop $150 million worth IMX tokens when certain milestones are achieved.

    Habbo, a social entertainment company, also announced last month it would be building on Immutable. The platform reportedly seeks “to achieve a deeper social connection” through gas-free NFT minting and trades.

     

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