Reddit co-founder Alexis Ohanian's venture fund led the $3.75 million seed round of the blockchain-based video game studio Horizon blockchain game.
According to a July 17 press release, Ohanian's venture fund, Initialized Capital, led a new seed round with other major blockchain investors such as Polychain Capital and Digital Currency Group. Other investors include Coinbase, Golden Ventures and Inovia Capital, well-known US crypto exchanges and wallet providers.
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These funds will support Horizon's goal of further integrating blockchain technology into the gaming industry. The company has created a blockchain video game network called Arcadeum that provides players with a secure wallet for storing assets in blockchain games.
The press conference pointed out that Arcadeum based on the Ethereum blockchain can also serve as an application browser, providing game developers with the opportunity to publish and promote games.
Horizon has developed the online card game SkyWeaver, which is expected to be launched in the beta test in the fall of 2019.
According to reports, in mid-June, French telecom giant Ubisoft is exploring potential blockchain applications in the game as part of its strategy to enhance the industry's competitiveness.
Previously, Galaxy Digital's fund led a $1.8 million seed round for Azure's blockchain-based game rewards platform.