Enjin
Blockchain Ventures Takes Stake in Gaming Platform Enjin
October 27, 2019
Enjin
Blockchain Ventures Takes Stake in Gaming Platform Enjin
October 27, 2019

The venture arm of cryptocurrency wallet, data and exchange provider Blockchain has taken a stake in blockchain game technology firm, Enjin.

On October 22 (Tuesday), Blockchain Ventures said that the investment makes it the first equity investor in the gaming tech firm, which enables the tokenized in-game items to be ported across ethereum-based titles built using its platform.

However, Blockchain Ventures did not disclose the amount of investment.

Singapore-based Enjin has built a number of apps to support its ecosystem, including a blockchain wallet, a marketplace for collectibles and a game-development platform that allows third-party devs to include blockchain in their projects.

Likewise, Enjincoin, the gaming firm’s token, notably soared 70 percent in March when news broke that the Enjin wallet had been included in the offerings on Samsung’s Galaxy S10 blockchain phone.

Among the reasons it’s now an Enjin backer, Blockchain Ventures said:

“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 for years primarily a top bitcoin wallet and blockchain data provider but has more recently been expanding its offerings.

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The firm announced that a new crypto exchange platform, oddly dubbed The PIT – back in July, and was said to be raising a $50 million cryptocurrency-focused VC fund last month.

Source: blog.blockchain.com | coindesk.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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