Binance Labs, the venture capital and innovation arm of digital asset trading platform Binance, announced that the company has participated in Community Gaming’s $16 million Series A investment round.
Community Gaming’s recent investment round was led by SoftBank Group via its SB Opportunity Fund. In addition to Binance Labs, the $16 million Series A investment round witnessed participation from Animoca Brands, BITKRAFT Ventures and Griffin Gaming Partners.
Community Gaming is a prominent esports competition platform. Through funding, the company aims to increase its presence in the growing Web3 ecosystem. Moreover, the capital injection will facilitate the company to increase its operations in Latin America and Southeast Asia.
Ken Li, the Investment Director at Binance Labs, said: “We are excited to partner with Community Gaming, which we see as an exciting gateway to crypto and play-to-earn for millions of gamers globally, evidenced by the high percentage of gamers who are starting a crypto wallet for the first time via Community Gaming.”
Earlier this month, Binance Labs led the $150 million investment round of Sky Mavis.
Gaming and Web3
The role of gaming in the Web3 economy has increased substantially over the past few years. As a result, leading global venture capital firms have invested hundreds of millions of dollars in gaming and esports companies around the world. In March 2022, Binance Labs announced a strategic investment in AlwaysGeeky Games.
"We're excited to partner with Chris and the Community Gaming team who are building Web3 gaming infrastructure to disrupt traditional games as well as crypto gaming industry", said Benjamin Lizana, investment leader at SoftBank Latin America Fund. "We recognize strong tailwinds for the crypto gaming infrastructure space globally and are excited by the pace at which it has gained traction in Latin America, where Brazil ranks highly on gaming infrastructure usage. We look forward to continuing supporting CG in their expansion.”
