Kelvin Stewart, the co-founder at US Bad Credit Loans, said that C2X, the Terra blockchain platform run by MetaMagnet Ltd, has confirmed a funding round of $25 million. This was driven by FTX Ventures, Animoca Brands, and Jump Crypto. The round focused on private token sales with a valuation of $500 million for C2X as per 500mtancoindesk.
It also revealed that an IEO (Initial Exchange Offering) was executed on 18th March, 2022, for the C2X native token. The public listing of the token is still in the works. The private sale of the token saw numerous investors taking part including Hashed, Transcend Fund, Terra, Blockchain Coinvestors, Skybound, Galaxy Interactive, DeFiance Capital, Unanimous Capital, Play Ventures, Goal Ventures, Infinity Ventures Crypto, Crypto.com, Agnitio Capital, Concept Art House, Formless Capital, Goal Ventures, Huobi Ventures, Bowei, and Xsolla among others.
The investors were chosen on the basis of their reputation and also their track record in their segments including crypto, gaming, blockchain, entertainment, and more. C2X has attained global market leadership in developing the web3-based architecture for gaming with the use of financing models that are decentralized. The platform is Terra-based, i.e. a blockchain that is application-specific and is developed on the Tendermint and Cosmos SDK, making sure that all data and assets remain completely safe. The Terra-blockchain helps the developers to get access to a more effective platform which helps in rewarding both creators and users alike.
Com2uS, Terraform Labs, and Com2uS Holdings are partners to the platform and will help it stride forward in the gaming and web3 segment while enabling platform builders to get more tools for building newer and more path-breaking gaming titles as well. Director at MetaMagnet Ltd, Paul Kim, stated that the company is transforming the entire blockchain gaming space through its platform which is backing both the user and the creator and also added that keeping long-term objectives in mind, it is looking for more strategic ventures which will aid its future expansion. He talked of how FTX has already won huge success ever since it arrived a few years earlier and has robust capabilities of offering digital asset-based ecosystems to users worldwide and in a regulated framework. He added that this aspect made them a natural pick for the company’s IEO. The funds and IEO will be helping the company get more capital to generate higher value for investors according to him.
He also opined that blockchain tech is what ensures security and transparency for the platform with regard to users storing, buying, and selling their assets and the same idea has been applied to video gaming. He also talked about how the C2X platform enables users to tap into distributed-ledger tech while ensuring a more convenient and intuitive interface for developers as well. They will get the total feature suite on the platform including the marketplace for NFTs, mobile wallet, and other resources along with a team for guidance as well. C2X has empowered more builders and users according to him through its de-centralized model. It has empowered the entire community for being a part of the revolutionary platform and its future success as well, according to Kim’s statement. 10+ titles are also in the offing for the platform as per reports.
