Decentral Games Announces $5M Capital Raise With New Partners

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In Brief
  • Decentral Games has completed a $5M capital raise to accelerate development of new features.

  • Additional funding will also go towards bolstering the teams in product development and marketing departments.

  • Crypto investment firms like Collab+Currency and venture capital subsidiaries such as Metaverse Ventures are among new partnerships.

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Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

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The decentralized app (dApp) ecosystem revealed in a post, published on their website on June 18, that they had completed a $5 million capital raise. With their statement, they welcomed new partners across the globe. More specifically, they have forged official partnerships with crypto investment firms and networks such as Collab+Currency, Genesis Block Ventures, Cluster Capital, and AU21 Capital. ID Theory, a crypto-asset investment firm based in London, have also partnered with them.

In addition, Swiss venture capital firm Bitscale Capital, as well as Metaverse Ventures, a subsidiary of Digital Currency Group, are also on the list.

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The company stated that the additional capital will go towards bolstering its team in the product development and marketing departments. They noted that, to keep up with community demand, Decentral Games’ team had already increased from 10 to 43 employees.

Decentral Games also revealed they will use some of the money to accelerate development of additional features and future crypto-enabled games. The company named DG Poker, DG multi-table Tournament Poker, and DG CyberSakura Slots as examples.

The company also took to its official Twitter to release a 10-tweet thread, summarizing the highlights of this latest investment. They also elaborated on their growth, in line with that of their community. One tweet read:

“Since launching the $DG token and games on mainnet in December 2020, betting volumes have increased quarter over quarter and recently eclipsed a landmark $70 million. The DG DAO [decentralized autonomous organization] treasury remains well capitalized with over $8 million in assets.”

They noted their revenue, to date, was primarily made up of gameplay proceeds. Plus Polygon node staking rewards and sales of wearable non-fungible tokens (NFTs).

Existing partner send congratulations

One of Decentral Games’ biggest moves this year is their partnership with video game giant Atari. They announced their collaboration back in March, which was to launch a cryptocurrency casino. 

Atari sent Decentral Games a congratulatory message via the Atari Token (ATRI) official Twitter account.

The Atari Casino takes up a 20-parcel estate in the casino quarter of Vegas City on Decentraland. It launched with a virtual party at the end of April, featuring DJ Dillon Francis. The musician also collaborated with a visual artist to create three special NFTs, all inspired by Gerald the Piñata. They were auctioned off as part of the casino’s launch.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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