CryptoKitties Developer Raises $11 Million to Launch Blockchain

Friday, 13/09/2019 | 06:50 GMT by Arnab Shome
  • The firm is also seeking the SEC's permission for a securities token offering.
CryptoKitties Developer Raises $11 Million to Launch Blockchain
Money

Dapper Labs, the Blockchain startup behind CryptoKitties, has closed a financing round after raising $11.2 million to develop a new blockchain called Flow, Forbes reported on Thursday.

The round was led by Andreessen Horowitz and saw the participation of major venture capitals including Union Square Ventures, Digital Currency Group, Venrock, and Accomplice. In addition, the company also received funds from popular music label Warner Music, and game development company Ubisoft.

Like any other startup, investors will receive the equity stakes against their investments. However, they will have the option to convert them into the native tokens of Flow when it launches. The company will also need approval from the Securities and Exchange Commission (SEC) to distribute tokens as securities.

The blockchain company will also collaborate with entertainment industry giants Warner Music and Ubisoft and is exploring use cases for flow in the music and gaming industry.

“Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world,” Roham Gharegozlou, chief executive of Dapper Labs, said.

Making tradable goods a norm on blockchain

Warner Music is also considering to create unique tradeable merchandise featuring its talent roster including Cardi B, Ed Sheeran, and Bruno Mars. Dapper Labs is also in talks with Ubisoft regarding a game in which players can trade unique cars with each other.

“We think that as people spend more time crafting their persona in the digital realm, digital goods and collectibles is a great way to express that fandom,” said Jeff Bronikowski, senior vice president of business development at Warner Music.

In late 2017, Dapper Labs released Cryptokitties on Ethereum blockchain. The game became so popular that it clogged Ethereum ’s network multiple times and some of the kitties were traded for millions.

Dapper Labs, the Blockchain startup behind CryptoKitties, has closed a financing round after raising $11.2 million to develop a new blockchain called Flow, Forbes reported on Thursday.

The round was led by Andreessen Horowitz and saw the participation of major venture capitals including Union Square Ventures, Digital Currency Group, Venrock, and Accomplice. In addition, the company also received funds from popular music label Warner Music, and game development company Ubisoft.

Like any other startup, investors will receive the equity stakes against their investments. However, they will have the option to convert them into the native tokens of Flow when it launches. The company will also need approval from the Securities and Exchange Commission (SEC) to distribute tokens as securities.

The blockchain company will also collaborate with entertainment industry giants Warner Music and Ubisoft and is exploring use cases for flow in the music and gaming industry.

“Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real time around the world,” Roham Gharegozlou, chief executive of Dapper Labs, said.

Making tradable goods a norm on blockchain

Warner Music is also considering to create unique tradeable merchandise featuring its talent roster including Cardi B, Ed Sheeran, and Bruno Mars. Dapper Labs is also in talks with Ubisoft regarding a game in which players can trade unique cars with each other.

“We think that as people spend more time crafting their persona in the digital realm, digital goods and collectibles is a great way to express that fandom,” said Jeff Bronikowski, senior vice president of business development at Warner Music.

In late 2017, Dapper Labs released Cryptokitties on Ethereum blockchain. The game became so popular that it clogged Ethereum ’s network multiple times and some of the kitties were traded for millions.

About the Author: Arnab Shome
Arnab Shome
  • 6652 Articles
  • 101 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6652 Articles
  • 101 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}