MetaMagnet, the operator of play-to-earn (P2E) open gaming platform C2X, said today that it closed a $25 million funding round led by FTX Ventures, Jump Crypto and Animoca Brands to help drive the development of its C2X gaming platform. Today's funding round was conducted as a private token sale at a $500 million valuation to the C2X platform.
Also, today, C2X announced that it had launched an Initial Exchange Offering (IEO) for its native token. According to the company's press release, the public listing of the C2X token will be announced in the future, the date of which hasn't been disclosed.
In addition to the three lead investors, the private token sale received participation from 18 other investors representing a who's who of investors in the gaming, crypto, DeFi, blockchain and entertainment industries. According to today's announcement, the additional investors are: Hashed, Terra, Transcend Fund, Galaxy Interactive, Skybound, Blockchain Coinvestors, DeFiance Capital, Play Ventures, Crypto.com, Infinity Ventures Crypto, Unanimous Capital, Bowei, Xsolla, Huobi Ventures, Goal Ventures, Concept Art House, Agnitio Capital and Formless Capital.
MetaMagnet director Paul Kim said in the release that the latest funding round will help drive further development of C2X. "As part of our long-term growth strategy, we are actively seeking out strategic endeavours that will exponentially increase the expansion of C2X. The funds raised, and today's IEO, will provide us with the necessary capital and global exposure to provide investors with additional value throughout C2X's existence," Kim said.
The C2X platform is built on the Terra blockchain built on the Cosmos SDK and Tendermint consensus. That means that all assets and data needed to operate and play games on the platform will remain secure, transparent and tamper-proof. MetaMagnet said that with the support of partners Com2uS, Com2uS Holdings and Terraform Labs, C2X will be a major player in the Web3 gaming industry while also providing its developers access to additional tools needed to create industry-leading titles.
Currently, C2X's website lists the video game "Summoners War: Lost Centuria" available through the App Store and Google Play, with "Chromatic Souls: AFK Raid" on pre-register status. More than ten new game titles are planned for release this year and will be supported by the C2X platform, including such titles as "Golf Star," "Summoners War: Chronicles," "Crypto Superstars," "Kritika Online," and "Dear, Ella."
C2X also noted that it will be listed on the FTX exchange on Monday, March 21, at 14:00 UTC.