Famous Ethereum App CryptoKitties Collected $12 Million in a Funding Round

Famous Ethereum App CryptoKitties Collected $12 Million in a Funding Round

For those, who have been living under a rock, CryptoKitties is a decentralized app-game, known as DApp, that has become extremely popular within the past time. It was created by the venture studio Axiom Zen, headquartered in Canada, on the basis of the Ethereum network.

This game became so popular that by the end of 2017 it overloaded the net, leading to record-highs in transactions as well as a deceleration of the net.

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This time, the app managed to raise $12 million in the series A funding lap. Here’s how it all went on.

What is the phenomenon of CryptoKitties? The thing is that the game allows users to:

  1. collect digital cats
  2. breed them
  3. and trade as well

The virtual pets are represented as ERC-721 tokens. Hence, they are cyber items which are valued and sought by collectors – collectibles. Moreover, another benefit of CryptoKitties tokens is that they can be exclusively identified.

The popularity of them has been so promising, that one of the most outstanding crypto investors turned their heads towards CryptoKitties.

Therefore, announced on March 20, the app managed to collect $12 million in a funding stage, led by such VC firms as:

  • Andreessen Horowitz
  • Union Square Ventures (USV)

The co-founder of the last one, by the way, said in a blog, when notifying about firm’s investment in the game, that such collectibles as CryptoKitties will be a top-one utilization of blockchain tech.

He also positively called the app as “one of many amazing things that blockchain enable.” And, according to his words, such an app would not be able to enter this world without that technology.But these are not the only venture capital firms which took part in the piling into Cryptokitties. Among other significant personalities in the world of technology, who made private investments, were:

  • Fred Ehrsam, Coinbase co-constitutor
  • Naval Ravikant, CEO at AngelList
  • Mark Pincus, the constitutor of Zynga

Ultimately, even though CryptoKitties have been seeing a slight decline over the past time, the app remains in top-3 Ethereum-based decentralized developments.

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