Led by CoinFund, Community Gaming has raised $2.3 million from prominent investors to expand the company’s presence in Latin American and Southeast Asian markets.
New Capital To Fund Expansion & Rewards Program Development
By using blockchain payment technology, match automation, and social gaming, Community Gaming makes organizing and competing in eSports tournaments simple. The team behind the platform has hosted 200+ events across cities in the US and understands the problems associated with hosting gaming tournaments.
Community Gaming uses blockchain payment tech to automate the organization and payouts to address the inherent problems with eSports tournaments. With the eSports community expected to cross 646 million by 2023, Community Gaming’s novel solution makes it easier to create and run grassroots tournaments.
The startup has attracted significant crypto investors, with brands like ConsenSys making a pre-seed investment in the project. Led by CoinFund, the platform has successfully closed its seed funding round, raising $2.3 million from a consortium of investors.
The event received significant participation from both VC firms and angel investors, including 1kx, Animoca Brands, Dapper Labs, GenG Esports, Hashed, Kevin Durant’s and Rich Kleiman’s Thirty Five Ventures, Marc Pincus’s WorkPlay Ventures, Multicoin Capital, Play Ventures, Rally Network founder Kevin Chou, Warburg Serres, and WhaleShark.
Per Community Gaming, the funds will accelerate the platform’s expansion into the Latin American and Southeast Asian market as the first comprehensive automated eSports platform in the region. A portion of the funds will also be used to rapidly develop the platform’s rewards programs and construct more complex smart contracts for league matches.
Chris Gonsalves, CEO of Community Gaming, remarks, “We are excited to have obtained support from major players in both the blockchain and gaming industries as we seek to bring web3 payment technology to millions of gamers worldwide and help accelerate the shift towards Play2Earn gaming ecosystems.”
Redefining eSports Tournaments With Blockchain Payment Tech
Community Gaming is designed to provide players, organizers, and game developers with everything they need to participate, facilitate, and create tournaments. At present, all tournaments are deployed on Ethereum, Polygon, and Binance Smart Chain with extremely low fees. All payouts are processed instantly and automatically to the player’s connected wallets.
Using a mix of social gaming, automation, and blockchain, Community Gaming offers an all-in-one infrastructure for eSports tournaments. It allows organizers to create tournament formats, set rules and payout methods, integrate credit cards for fiat-to-crypto onboarding, and more. The platform also provides automation features for tournament creation, match reporting, progress tracking, and instant payments.
Likewise, the platform has ensured to keep a straightforward onboarding process for players. There’s a web app for registration, and players don’t have to go through the complicated processes of creating a digital wallet. The platform allows players to either connect their existing wallet or generate a non-custodial wallet with a single click.
Jake Brukhman, Founder and CEO of CoinFund, adds, “Community Gaming has created a valuable platform for esports that enables the community to thrive. The team has taken the world’s renewed interest in gaming to new heights and improved on challenges facing online gaming. We are eager to support their continued success in making esports tournaments seamless and enjoyable.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.