Quick take:
- KuCoin Labs, the venture arm of KuCoin has invested in PlayZap Games.
- The leading crypto exchange platform has also added the Web3 gaming startup to its incubation program.
- Other investors in the Singapore-based company’s seed round included Arcanum Capital, Oddiyanna Ventures and Prime Block Ventures.
KuCoin Labs the venture arm of KuCoin has announced its investment in PlayZap Games. The leading crypto exchange platform has also added the Singapore-based Web3 gaming company to its incubation program.
KuCoin’s Incubation and Research Unit offers support to web3 startups including, business planning, blockchain technical support, legal advice, as well as, marketing and PR support, among others.
The seed funding round also attracted the participation of Arcanum Capital, Oddiyanna Ventures and Prime Block Ventures.
PlayZap Games develops play-to-earn (P2E) projects centred on the mainstream gaming market. The company wants to develop AAA games that are fun and easy to learn, but hard to master.
PlayZap has leveraged disruptive NFTs and crypto wallet technologies to power its gaming ecosystem. The startup has laid out plans to debut its first version of the Web3 app, along with 10 casual games on leading platforms including the App Store, GooglePlay, and the web.
Commenting on his company’s new investment, Said Lou Yu, the head of KuCoin Labs said: “KuCoin Labs believes that gaming will be the gateway to crypto mass adoption. PlayZap has provided a good opportunity for traditional Web-2.0 players to transition to crypto gaming easily with a focus on leisure. The team has solid experience in Web-2.0 gaming with strong track records, which can be leveraged to power up the PlayZap’s ecosystem.”
PlayZap will use the seed funding to accelerate the development of its gaming platform on both desktop and mobile. The company will also continue to expand its gaming IPs, seek new partnerships and intensify market research to try to have a bigger say in the GameFi space.
KuCoin’s NFT marketplace, Windvane, and KuCoin Ventures launched a $100 million creators fund in April to “support and incubate early-stage NFT projects covering fields including arts, sports, PFPs, Asian culture, celebrities, and GameFi.”
In May, KuCoin backed Joyride Games, a web3 publishing platform for game creators. The company was recently valued at $10 billion after completing a $150 million fundraising to expand its Web3 ecosystem.
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