FTX, Lightspeed, and Solana Ventures Pivot to GameFi, Invest $100 Million

In another push to the gaming on the Solana ecosystem, these heavyweights have joined hands to invest in Web3.0 gaming.

By
Anirudh Tiwari
on
November 6, 2021
Category:
Breaking News

Boost to GameFi on Solana 

FTX, the crypto derivatives exchange and venture capital (VC) firms Lightspeed Ventures and Solana Ventures have joined hands to invest $100 million in a joint Web3.0 gaming initiative, as announced by Amy Wu, partner at Lightspeed, via a Twitter post on Nov. 5.

The collaboration between these three heavyweight firms is a result of them working together in gaming over the past few months. The funding initiative is looking to back great teams and projects, both crypto-native and gaming-native, in a bid to onboard the next billion onto Web3.

“I think you're going to see a big difference between crypto companies trying to make a game and gaming companies trying to introduce crypto. Frankly, it's hard to make an engaging video game,” mentioned Sam Bankman Fried, CEO of FTX and Alameda Research, in an interview with Bloomberg Live. 
Source: Venture Beat

As a part of this initiative, Lightspeed and FTX led a Series A round of $21 million for the game developer and publishing studio, Faraway on Nov. 4, as per the official press release. This brings the total funding for the studio to nearly $30 million. The other participants in the funding rounds include Sequoia Capital, Pantera Capital, Jump Capital, Solana, and a16z, amongst others. Their game, Mini Nations, is set to become the first live multiplayer game on the Solana blockchain network.


About FTX

FTX is a cryptocurrency derivatives exchange that is built “for traders, by traders.” The team behind the exchange has prior experience working with leading Wall Street quant firms and technology companies like Facebook, Google, Jane Street, Optiver, and Susquehanna. The U.S. arm of the exchange, FTX.US, is one of the top 3 spot cryptocurrency trading exchanges globally, as per data from CoinMarketCap.

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.