Tuesday, November 28, 2023

Immutable launches $500 million fund to boost developer adoption.

Immutable has introduced a $500 million fund to boost develop the adoption of the platform. It will provide grants to projects that build on Immutable X using a mix of IMX tokens and cash in collaboration with an array of VC funds and ecosystem allies.

Immutable, the firm renowned for Immutable X layer-2 scaling solution for Ethereum, said the fund includes assets from companies like Animoca Brands, BITKRAFT Ventures, Arrington Capital, GameStop, AirTree, King River Capital, and Double Peak. The scaling solution enables faster, cheaper, and more energy-efficient transactions than Ethereum’s own mainnet can handle. It conducts transactions on a separate chain. The platform uses StarkWare’s StarkEx rollup technology to load the transactions and commit them to the Ethereum blockchain.

Robbie Ferguson, the co-founder of Immutable, said they will target NFT projects that are committed to growing the digital ecosystem. He highlighted that they have just begun to scratch the surface of the massive potential of this category.

Immutable X is very much suitable for applications that require a large number of transactions, including low-value purchases, like crypto-powered games and NFT projects. One renowned firm that pops up is GameStop. Its upcoming NFT gaming marketplace will use Immutable X. Both companies announced a $100 million token grant fund, back in February, for crypto game developers. A spokesperson for Immutable X highlighted that the previous $100 million fund with GameStop is separate from the new Immutable Ventures fund.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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