KuCoin’s, the fifth largest cryptocurrency exchange by trading volume, investment wing, KuCoin Labs, announced that it had led the seed round investment in PlayZap Games. The company is an Asian Web3 Game console and will be a part of KuCoin’s continued interest in the GameFi space.
The announcement came on August 4th and stated that KuCoin was joined in the investment round by other major crypto investment firms, including Arcanum Capital, Prime Block Ventures, and Oddiyanna Ventures.
What Is PlayZap Games?
The Play-to-Earn gaming platform aims to bring skill-based multiplayer tournament matches to aspiring games. The platform provides users with interactive, easy-to-learn, but hard-to-master, highly entertaining games. With a focus on community-driven gaming, PlayZap offers a unique package and something that KuCoin hopes will appeal to the masses.
A considerable part of PlayZap is the NFTs, providing a fungible asset economy and blockchain wallet, which also offers live trading and posting features in the web3 real economy. PlayZap will launch the first version of their application, including ten of their most popular social games in the Google Play store and other computer internet platforms.
How KuCoins Investment Will Benefit PlayZap
The latest seed round investment would contribute to the ongoing expansion of the game console, adding to the expansion of desktop and smartphone versions. On top of that, the funds will be used to expand new partner onboardings and new game IPs, augment the project’s effectiveness and stimulate wider marketing reach within the GameFi ecosystem.
KuCoin Lads has stated that the widespread crypto adoption will begin with gaming. Having a foothold in some of the most promising projects is integral for growth. PlayZap’s relaxed, leisurely attitude towards gaming makes switching to Web3 crypto gaming a seamless move.
The KuCoin team have a strong presence in Web 2.0 gameplay so they will be of great use to the development of the PlayZap ecosystem. KuCoin Labs’ size and reach in the industry means they can assist in corporate strategy, advertising and building future partnerships.
While KuCoin labs make investments, the KuCoin company received $150 in 2022 via a pre-Series B Round, bringing the total investment opportunity with Round A to $170 million.