Immutable, a non-fungible token (NFT) business, is the latest to close a significant amount of investment to develop its layer-2 scaling platform and blockchain games.
Temasek, Singapore’s state investment powerhouse, lead a new fundraising round for the Australian blockchain business. Animoca Brands, Tencent, Mirae Asset, ParaFi Capital, Declaration Partners, and others also participated in the Series C financing.
On March 7, Immutable tweeted the news, noting that the company was now valued at $2.5 billion. Previously, the business had raised funds at a valuation of $410 million.
“We’re supercharging our mission to make NFTs mainstream through high-quality blockchain games,”
The firm also noted that the raises will allow them to focus on expansion plans, with over 200 new recruits expected this year. It also intends to expand Immutable X, its layer 2 NFT scaling network. Immutable X scales Ethereum by using StarkEx zk-proofs to give NFT authors with fast throughput and low gas prices while minimizing environmental effect.
Immutable X was introduced in July 2021, and by the end of the month, it had already saved NFT developers millions of dollars in gas expenses.
In addition, its studio content, which includes the successful titles Gods Unchained and Guild of Guardians, will be enlarged. Robbie Ferguson, Immutable’s co-founder and president, stated, “we’re excited to raise this capital so we can help deploy it aggressively through M&A opportunities,”.
In response to the announcement, the value of the platform’s native IMX token has surged. According to CoinGecko, IMX was trading up 42% on the day at $1.61 at the time of writing.
The gains had erased all losses over the previous two weeks, but IMX was still down 83% from its all-time high of $9.52 on November 26.
There are around 12% of the entire token supply circulating, giving it a market worth of $387 million.
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