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    Binance Smart Chain and Animoca Brands partner via $200M fund for GameFi

    Binance Smart Chain and Animoca Brands partner via $200M fund for GameFi 

     

    Binance Smart Chain (BSC), in partnership with Animoca Brands, has announced launching a $200 million investment fund for incubating early cryptocurrency-focused gaming projects to be built on BSC.

     

    BSC and Animonica had made the announcement on December 6 that they would be co-investing up to an amount of $100 million each for supporting game projects in the GameFi sector.

     

    As per resorts, BSC is slated to invest in DeFi, NFT, and GameFi from its $1 billion accelerator arm. The funding had been set up earlier in 2021 for extending BSC ecosystem services as well as driving mainstream adoption across the fintech industry.

     

    Animoca Brands is one of the major players in blockchain gaming and the open metaverse, that is currently working to provide property rights via NFTs and virtual gaming. The company has reportedly invested in major NFT-related projects, including Opensea, Axie Infinity, Harmony, Bitski, and others.

     

    Gwendolyn Regina, Investment Director at BSC, has said that the latest co-investment is aimed at building on BSC by “getting the opportunity of gaining insights and expertise from the leading gaming giant, Animoca Brands.” The collaboration is also a great opportunity to work with blockchain experts from the BSC Community.

     

    GameFi, touted as a mix of both gaming and DeFi, has been one of the biggest buzzwords this year in the cryptocurrency industry alongside the concept of a metaverse. GameFi is actually the financialization of video gaming that operates under a play-to-earn model instead of play-to-win.

     

    Amid the trending concepts in the crypto sector, a number of major crypto firms and investment companies have been investing in GameFi in the last couple of months, including Solana Ventures, Huobi crypto exchange, Sanctor Capital, FTX, and others.

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