Bitcoin gaming ecosystem Zebedee raises $35M from investors, including Square Enix
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Play-to-earn Bitcoin gaming company Zebedee has raised $35 million to advance in-game payments between virtual worlds. It was a Series B round of funding led by Kingsway Capital. The participants included Final Fantasy game developer Square Enix and global merchant bank The Raine Group, as well as Lakestar and Initial Capital from the previous funding round.
“This funding round gives us the ability to meet our highly ambitious roadmap both in terms of building out our infrastructure to support the hundreds of millions of users that play our partners’ games, as well as hire the top-level talent needed to ensure every partner has the best possible experience working with Zebedee,” said CEO of Zebedee, Simon Cowell.
Zebedee is a payment processor for games, which powers global payments and provides tools for developers and gamers to create economies in video games via the Bitcoin Lightning Network. Its programmable payments reduce transaction sizes, resulting in small transaction fees.
With the investment, the company aims to add value to the gaming industry with new revenue streams generated by cryptocurrencies and Web3 technology. Leveling up will also bring a rewarding gaming experience to different crowds of players. Furthermore, it will expand its infrastructure to offer additional services and tools for gaming developers.
In the previous funding round, the platform raised $11.5 million to advance the development of Bitcoin payment systems for Web3 games. So far, the company has raised around $50 million.
“Partnering with ZEBEDEE will allow its entire ecosystem to benefit from higher user retention, lower transaction costs and generally a superior payments experience. Importantly, it will also help bring Bitcoin to millions around the globe,” stated Managing Partner at Kingsway Capital, Afonso Campos.
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