The e-sports tournament organizer Community Gaming announced Thursday that it raised $2.3 million in seed funding.
CoinFund, an investment firm that has shown an interest in non-fungible tokens (NFTs), led the round. Other notable investors include the NFT and digital rights unicorn Animoca Brands, Dapper Labs, and Multicoin Capital.
The Ethereum-focused software firm ConsenSys, which had led Community Gaming’s pre-seed round in 2020, also participated.
“We are excited to have obtained support from major players in both the blockchain and gaming industries as we seek to bring web3 payment technology to millions of gamers worldwide and help accelerate the shift towards Play2Earn gaming ecosystems,” said CEO of Community Gaming Chris Gonsalves in a press statement.
Community Gaming plans to use the seed funding to continue expanding across Latin America and Southeast Asia, and to grow its team through new hires.
Community Gaming was founded in 2017 in New York. The startup distributes the rewards of e-sport gaming competitions through blockchain technology, involving the Polygon Chain, Ethereum Mainnet, or Binance Smart Chain. While some competitions pay winners in fiat (USD), most use popular cryptocurrencies like ETH, DAI, and USDC.