Group Gaming raises $16M to develop its platform and reward system

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Group Gaming introduced that it has raised $16 million in its newest spherical of funding. It plans to make use of this funding to develop its esports group platform in addition to its new “Earnings for Everybody” reward system.

Group Gaming’s platform permits anybody to arrange their very own esports tournaments with blockchain-based contracts. Earlier this 12 months, Group reached 100,000 customers on its platform. The corporate is engaged on a significant replace that might enable customers to earn revenue on the blockchain. Its “Earnings for Everybody” reward system would work by means of “Quests” that might “reward customers for motion and time with the platform as an alternative of specializing in solely probably the most expert in competitors.”

SoftBank Group’s SB Alternative Fund led the spherical, with participation from Animoca Manufacturers, Binance Labs, Bitkraft Ventures and Griffin Gaming Companions. Further traders embrace CoinFund, Hashed, Multicoin Capital, Shima Capital, Polygon Studios, and others.

Chris Gonsalves, CEO of Group Gaming, stated in an announcement, “Group Gaming’s place on the intersection of esports and blockchain know-how grants us an amazing alternative to guide the rising dialog round gaming in web3. These assets will enable us to additional assist ‘Earnings for Everybody’ programs that reward motion and time, a re-imagining of the social contract of labor as folks search for new methods to create supplemental revenue by means of gaming.”

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