Blockchain gaming gets a boost with First Shoshin’s $6M investment into Blockchip’s gaming platform GameWorx
June 22, 2020
Blockchain technology is claimed to have the potential to transform the world we live in – and venture capital investors are betting big especially as COVID-19 makes 2020 a pivotal year for blockchain innovation. Take First Shoshin Holdings, Inc. (FSHI) who has recently invested $6M Series B Funding into blockchain software developer Blockchip, the company behind blockchain gaming platform GameWorx (GWX). This round of funding is preceded by a $2M Seed Funding round in 2017 and a $3M Series A funding in 2019, and is intended to fast-track and support research and development, operations, marketing and business development, tech upgrades, and market expansion initiatives.
Blockchip Philippines, Inc. is a software development company with industry expertise in blockchain technologies focused on the online gaming industry. Its flagship product, GameWorx, is a tokenized gaming platform powered by the GWX token and built with its unique digital wallet that allows users to send, convert, or exchange their GWX tokens to other crypto currencies and fiat. Despite short-term fluctuations in cryptocurrency markets, FSHI is confident and sees its investment as a long-term bet on the future of blockchain gaming.
Additionally, FSHI sees this as a timely move to boost its portfolio as consumer behavior points to a dramatic increase in online gaming traffic with virtual zones becoming avenues to socialize, connect, and compete during this pandemic. Foreign investors are also looking to invest in GameWorx which spells an exciting opportunity for the gaming platform as the partnership can potentially expand its player base and create additional revenue.
Launched last 2018, GameWorx provides ease of compliance with its Cagayan Economic Zone Authority (CEZA) and North Cagayan Gaming and Amusement Corporation (NCGAC) license, and fuels creativity and open innovation in the global gaming market with blockchain technology. Gameworks allows game developers and publishers to host their games in a fully licensed and regulated environment, and can tap the rapidly expanding greater Asian market.
GameWorx provides useful tools for gamers including decentralized asset exchanges, verifiable scarcity of virtual objects and collectibles, fast and secure payment networks, and an ability for developers and publishers to properly monetize their creations and retain full ownership of their games and intellectual property. Built into its underlying infrastructure are regtech measures designed to bring together legal compliance, transparency, security, and fair monetization on a single platform.
Apart from GameWorx, FSHI also funds fintech and crypto-focused startups including JoJoPay, MintBank, xCoin, and is set to soon build its $5M FinTech hub bringing some of the biggest financial service providers and money transfer operators to offer a modern over-the-counter banking experience for Filipinos.
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