News $30 Million Crypto Startup Fund Launched By Mobile Game...

$30 Million Crypto Startup Fund Launched By Mobile Game Maker

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A maker of mobile games based in Japan has launched a $30 million investment fund focused on cryptocurrencies and blockchain.

Gumi is a maker and publisher of games, including titles such as Brave Frontier and Final Fantasy: Brave Exvius (on which it served as a collaborator along with Square-Enix and another firm, Alim).

The new fund, according to a report from VentureBeat, is being led by Gumi founder and CEO Hironao Kunimitsu as well as Miko Matsumura, the founder of the Evercoin cryptocurrency exchange. Law firm White & Case LLP advised on the fund’s formation, according to a separate announcement.

“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,” Kunimitsu told the publication in a statement.

And while the fund’s debut is new, it’s already made some investments in the space. These include stakes in Basis, the company behind one of several “stablecoins,” and – perhaps less surprisingly – Robot Cache, which is looking to build a blockchain-powered competitor to Steam, the gaming distribution platform.

Matsumura told GamesBeat that the fund would invest in both equity and tokens directly.

“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,” he was quoted as saying.

Whether that stronger confluence of gaming and blockchain comes to fruition remains to be seen, but other giants in the gaming ecosystem, including developer Ubisoft and gaming engine Unity, are eyeing the tech for potential applications.

Image via Shutterstock


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