Improbable, a gaming tech startup, hopes to ride high on the metaverse hype. It hopes to lead the charge with a new initiative and considerable funding. Improbable will focus on developing Web3 through its new entity M2 (MSquared). It will allow interoperability so users can carry over NFT assets and items between the worlds.
M2 raised $150 million at a $1 billion valuation. This funding has pushed it up into the long line of crypto unicorns in the space valued at $1 billion-plus. The funding round was led by Andreessen Horowitz (a16z) and Softbank. Other companies like Ethereal Ventures, Digital Currency Group, SIG, Mirana, and CMT also participated. M2 combines Improbable’s Morpheus gaming technology. It enables richly detailed online worlds with more than 10,000 live users with new Web3 tools and tech.
The new entity is designed to bring metaverse worlds to life. However, it works with existing worlds as well as new projects. Herman Narula, co-founder, and CEO of Improbable, said the current blockchain bridges to as a fairly crude solution. However, cross-chain bridges have in recent months been attacked. In late March, Axie Infinity’s Ronin sidechain to the Ethereum mainnet was hacked of $622 million worth of cryptocurrency. Earlier, the wormhole bridge between Ethereum and Solana was exploited for $320 million.
Narula revealed that Improbable intends to allow the community of users to govern the coming platform towards progressive decentralization.