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Vancouver-based CryptoKitties receives $12M in funding from big-name investors

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Vincent Plana Mar 27, 2018 6:20 am 1,794

For the Vancouver-based blockchain game CryptoKitties, it looks like things are going along purr-fectly well with their latest string of funding.

Being heralded as one of the world’s most successful blockchain games, the brainchild of a team from local Vancouver company Axiom Zen has most recently received a whopping $12 million from big-name investors.

The company revealed on their blog that the investment was led by Andreessen Horowitz and Union Square Ventures, two of the world’s top venture capital firms who have been known for backing companies like Facebook, Twitter, and Coinbase.

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They also received funds from a number of angel investors and seed funds to help them out, notably from the co-founder of AngelList, co-founder of Zynga, founder of Token Summit, CAA Ventures, and Version One, among others.

The game is meant to be a beginner-friendly way to be introduced into the blockchain. CryptoKitties doesn’t actually come with cryptocurrency themselves – they’re actually built on Ethereum. However, you use what the blockchain calls a crypto-collectable. They’re non-identical digital assets, meaning each collectable is unique and limited in quantity, unlike your typical cryptocurrency.

You can purchase these CryptoKitties and then buy, sell, or breed them, with the characters varying in value and rarity. Think of it as a new-age Pokémon, Tamagotchi, or Beanie Baby.

Up until this point, the game seems like the real deal as well, with more than 1.5 million users since its launch. At one point they made up nearly one-third of Ethereum transactions – one of the most popular cryptocurrencies at the moment. They’ve also managed to launch in China where the company is working to foster and grow a community – a rarity given that China has imposed a number of strict regulations on cryptocurrency.

While the company has yet to specify detailed plans with the funding, they’ve revealed that they “envision a world of play, one without limits.” They want a world where “games can be entire economies, unlocking mutual incentives for players and builders to extend the gaming experience.”

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Vincent Plana
Attempts to put sriracha on just about everything. Constantly trying to juggle being both a Canucks and a Canadiens fan. On a journey to find Vancouver's best Banh Mi - suggestions welcome.

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