Japanese games development company Gumi has become the latest significant company to take the plunge with blockchain, announcing the launch of a new cryptocurrency fund this week.
The company, behind mobile games such as Final Fantasy: Brave Exvius and Brave Frontier, announced it was launching the fund to enable investments in blockchain startups and early-stage businesses, as a means of becoming more active in the blockchain space.
As well as investing in blockchain companies, the fund will also invest in cryptocurrencies, and will be led by the firm’s CEO and founder Hironao Kunimitsu, in consort with Evercoin CEO Miko Matsumura. The fund has been set up with advice from White & Case LLP, and will use initial capital of $30 million to back the investments.
In a statement on the launch of the fund, Kunimitsu said the move would allow Gumi to become more “effective” in shaping the development of the technology.
“We decided to create a fund that enables us to engage more directly with early-stage blockchain and cryptocurrency startups, in order to be more effective partners and have a real impact in the market.”
Separately, Matsumura spoke of the link between gaming and cryptocurrency, and explained the rationale behind targeting companies in the emerging blockchain space.
“We like early-stage. We invest in equity or tokens. We like financial services. We like game technologies, and we believe there is a strong connection between gaming and crypto.”
Despite its fresh launch, the fund has already been active, backing several blockchain startups from the get-go. Robot Cache, a firm seeking to develop a blockchain platform to rival gaming distribution service Steam, has been one beneficiary.
The fund has also opted to back Basis, the firm behind one of the latest wave of “stablecoins,” so-called because of their more stable pricing than traditional cryptocurrencies.
The launch of the fund reflects a growing trend among established businesses turning their investment attention to the blockchain space.
Even within the gaming sector, rival giants Unity and Ubisoft are thought to be considering making investments of their own in blockchain-based businesses.
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