Bitkraft VC launches $75M token fund for blockchain gaming
Bitkraft VC, an e-sports, interactive and gaming media platform, has announced a $75 million token investment fund for building blockchain gaming and digital entertainment.
Bitkraft VC used a“stage-agnostic” strategy, which means that it would readily fund any startups or companies at any business development stage as long as there is proven potential. Aside from equity investment, Bitkraft’s token fund would also invest in cryptocurrencies and nonfungible tokens (NFTs).
Bitkraft has recently received an investment advisor registration from the US Securities and Exchange Commission in June 2021. This, it has been done to provide regulated investment opportunities to firms.
The $75 million t token fund is being led by Piers Kicks, from the investment arm of crypto research firm Delphi Digital. Kicks had joined Bitkraft earlier in 2021 to lead the company’s investment efforts in blockchain, crypto and NFTs.
Bitkraft has stated in a recent announcement that the fund has already closed six investments that includes projects like Immutable, Yield Guild Games (YGG), Horizon Games and Alethea AI, wherein both YGG and Alethea are direct token investments.
Kicks was quoted saying to Cointelegraph that the venture has only been able to announce the funding after a final closing, but they “have been actively deploying from it.”
The fund has largely invested in startups in the Ethereum blockchain, and Kicks has shared that the firm adopts a “chain-agnostic approach” in order to assess each project. It employs a case-by-case method to browse the work by participants, Kicks said, adding that they are beginning to note “some exciting activity on Solana,” and will therefore be “monitoring early gaming projects in that ecosystem closely.”
Bitkraft’s founding general partner Jens Hilgers has said that the fund is looking to invest in 25 more companies by the year-end of 2022. As of now, the venture capital firm holds more than $540 million in assets under management as of October 1, 2021. Its portfolio spans more than 60 companies across Asia, Europe and North America.
The virtual gaming industry has proven to be a fruitful arena for crypto adoption, with many new use cases for DeFi and NFTs. Axie Infinity, the blockchain game, has also been able to emerge as one of the most popular games based on Ethereum this year as its native token AXS has registered a new all-time high above $155 on Monday.
Back in September, blockchain gaming platform DeFi Land had also raised $4.1 million for launching a new DeFi game on Solana.