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Galaxy Digital Spearheads a $1.8 million Funding Round for a Blockchain-based Gaming Platform

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Galaxy Digital

A fund of Galaxy Digital, a crypto investment bank has led a seed funding round for Azurus’ blockchain-based gaming rewards platform. The platform is dubbed “Smart Challenge,” and the investors raised $1.8 million in the funding round.

According to a report, Smart Challenge lets its users build and compete in challenges on the EOSIO blockchain network. Using the blockchain makes the challenges fair. This is because the participants can see the challenge’s rules and how they are enacted.

Galaxy Digital invested in this project via its Galaxy EOS VC Fund. This fund is an investment firm that finances projects developed on EOSIO. Other leading investors in the Smart Challenge funding round include Kleiner Perkins and SVK Crypto.

Taking Gaming to the Next Level

Smart Challenge users can take part in the challenges to earn AZA credits, which they can redeem to buy in-game benefits. These range from virtual items to currencies. An example of a challenge that users can participate in is streaming questions. The questions are either predictive or historical. Individuals that get the correct answers get rewards in AZA credits.

Sam Englebardt, the co-founder of Galaxy Digital and the firm’s co-head of principal Investments said,

Azarus’ implementation of blockchain tech and the EOSIO protocol is precisely what we look to invest in from the Galaxy EOS VC Fund: a scalable and consumer-friendly gaming platform that demonstrates the promise of blockchain technology,

Hugh Cochrane, the co-founder of SVK Crypto echoed Englebardt’s sentiments adding,

Gaming is one of the verticals that we have identified as proof points for the efficacy of blockchain technology. As one of our initial investments, we were drawn to Azarus’ platform approach and the potential for Azarus to leverage blockchain to disrupt the entire gaming ecosystem.

Increasing Game Engagement

Smart challenge went live in the past year. The platform’s design increases a player’s engagement with their favorite games and esports by allowing them to play or spectate. The end of the seed funding round comes after several tests in Ubisoft’s entrepreneur labs. As part of the pilots, Azurus worked with Ubisoft’s team in one of its flagship esports game named “Tom Clancy’s Rainbow Six: Siege”.

The test found that in limited rounds with select developers, Azurus-enabled streams had increased viewership and engagement from participants. On top of this, there was a surge in the gameplay frequency.

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This news comes after game developer Lucid Sight a managed to raise $6 million for its blockchain-based game engine. Named “Scarcity Engine,” the system’s design supports the firm’s blockchain-powered games on traditional platforms. Reportedly, the platform will launch this year. It will allegedly feature blockchain games such as Major League Baseball and Crypto Space Commander.

Do you think incorporating the blockchain in games and esports will help expedite the technology’s adoption? Let us know in the comments below.

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