Polygon, Circle Help Japanese Blockchain Games Startup Raise $24 Mln

Japanese blockchain gaming company double jump.tokyo said on Wednesday it raised 3 billion yen ($24 million) in its latest funding round. Notable stakeholders in the firm include Singapore crypto unicorn Amber, USDC issuer Circle and blockchain operator Polygon.

Double jump will use the new capital to expand its operations and pursue more partnerships with established gaming companies, it said in a press release. But the firm did not reveal its valuation.

Founded in 2018, the firm created the popular play-to-earn (P2E) game My Crypto Heroes, which is built on Ethereum. Double jump also has partnerships with several established firms to mint licenses NFTs.

Double jump has partnered with several gaming majors

Since its founding, the crypto gaming firm has consistently tied up with bigger game developers in NFT and blockchain-related ventures. Gaming giant  Bandai Namco had last year invested in the firm to jointly develop blockchain games.

Double jump has also developed NFTs for videogame makers SEGA and Square Enix, and plans to expand on both the partnerships.

The firm has also tied up with non-gaming firms such as social media giant Line, and Japanese blockchain Astar Network.

Blockchain gaming sees big entrants this year

Double jump’s fundraise highlights the growing interest in blockchain and P2E games this year. Bandai Namco recently set up a $24 million fund to invest in web3 technology. The firm also plans to invest about $130 million in a metaverse centered around Gundam.

World no. 2 crypto exchange FTX is among the other biggest entrants to the space, having recently bought P2E game Storybook Brawl. The exchange plans to flesh out its gaming division to explore ventures in blockchain games and gaming NFTs.

Krafton, creator of the wildly popular PUBG game, recently tied up with Solana to explore opportunities in blockchain gaming.

Blockchain data firm DappRadar said in a report that crypto games attracted $2.5 billion in investments in the first quarter of 2022. The industry is slated to add $10 billion this year.