The venture arm of digital currency wallet, data, and exchange provider Blockchain has taken a stake in blockchain game innovation company Enjin.
Blockchain Ventures said on October 22 that the investment makes it the first equity investor in the gaming tech company, which allows tokenized in-game items to be ported over ethereum-based titles created utilizing its platform.
Blockchain Ventures didn’t reveal the amount of investment.
Singapore-based Enjin has created various applications to help its ecosystem, including a blockchain wallet, a marketplace for collectibles, and a game-development platform enabling third-party developers to incorporate blockchain in their undertakings.
The gaming company’s token, enjincoin, outstandingly took off 70 percent in March when news broke that the Enjin wallet had been incorporated into the offerings on Samsung’s Galaxy S10 blockchain phone.
Among the reasons it’s presently an Enjin backer, Blockchain Ventures stated:
“The Enjin token economic model, where Enjin Coin (ENJ) is locked within virtual in-game items and non-fungible tokens (NFTs) is something we hadn’t seen before. This facilitates both the price discovery and value recovery that have been challenging for NFTs. “
Blockchain had been a top bitcoin wallet and blockchain data provider for years but recently has all the more been extending its offerings. The company revealed a new crypto exchange platform – strangely named The PIT – back in July and was said to raise a $50 million crypto-centered VC fund a month ago.