FYX Gaming announces follow-on seed round financing
This article was originally published on CoinGeek on October 1, 2021.
FYX Gaming, the Raleigh-based esports infrastructure and technology provider behind the popular skill-based strategic fighting game CryptoFights, has announced follow-on seed round financing. FYX has attracted commitments from several prominent investors as part of the ongoing funding round, including Ventek Ventures and Ayre Ventures, with opportunities now available for new participants to join the round.
CryptoFights, which allows players to enter real-money tournaments using its native cash on the BSV blockchain, has already attracted over 100,000 registered users. These users are currently generating hundreds of thousands of transactions each day, a feat made possible by the BSV blockchain’s unbounded scaling capacity.
This latest funding round involves a mix of new and existing investors, with the former led by Los Angeles-based Ventek Ventures, an early stage cross-border venture capital fund focusing on the US, China, and Southeast Asia.
Ventek founding partner Tony Zhang said: “There’s a lot of hype surrounding the Metaverse and NFTs right now, but there are also a few innovative Play to Earn companies creating actual value for users. FYX is one of them. By combining best of class game play with a sophisticated virtual economy based on years of experience in gaming, FYX has figured out a way to make games both fun and lucrative. We are proud to partner with FYX as it continues to reward players by building a powerful, inclusive platform that players can leverage to generating more income.”
Among the existing investors raising their stake is Ayre Ventures, whose founder Calvin Ayre expressed delight in renewing his support for FYX. Ayre called CryptoFights’ daily transaction volume “emphatic proof of the possibilities that can only be achieved on the BSV Enterprise Blockchain. CryptoFights is an engaging product with unlimited growth potential thanks to BSV and the dedication of the FYX team.”
FYX CEO Adam Kling said he was pleased that his company had “joined the growing ranks of gaming companies, including Mythical Games and Sky Mavis, that are sparking investors’ interest.” Kling added that FYX was looking forward to closing its Series A funding next year.
Kling says FYX will use capital raised via the current funding round on new hires to grow its infrastructure and boost CryptoFights’ capacity to handle millions of users. The FYX platform recently expanded players’ funding options through the addition of Simplex, for fiat-to-BSV transactions, and will soon launch Fabriik’s Weave API, for crypto-to-BSV transactions. This will enable players to more easily fund their game play and to buy and sell non-fungible tokens (NFTs) on the FYX marketplace. Additional capabilities to allow users to create their own NFTs are in the works.
To learn more about FYX, attend (in person or virtually) the CoinGeek New York conference, the year’s biggest BSV blockchain event (October 5-7, 2021), at the Sheraton New York Times Square Hotel. FYX CEO Adam Kling will participate in the Licensing IP for NFTs: Graphic Novels, Comic Books & Brands panel on Wednesday, October 6.
FYX Gaming is an esports infrastructure and technology provider, specializing in the development and implementation of blockchain technologies. The company offers a full suite of specialized esports products and services, with innovative solutions spanning game monetization, integrity, data and analytics. In 2020, FYX was admitted as a member of the esports Integrity Commission (ESIC).
About Ventek Ventures
Ventek Ventures is an early stage cross-border venture capital fund focusing on companies with the technology, team and timing to capture sustainable markets in the US, China, and Southeast Asia.
About Ayre Ventures
Ayre Ventures, founded by celebrated entrepreneur and philanthropist Calvin Ayre, provides capital to scalable, high-growth businesses within the BSV blockchain ecosystem, the only infinitely scaling enterprise public blockchain. The Group targets investment in innovative ideas and ambitious projects that are ‘positively disruptive’, supporting their expansion with the Group’s extensive network and industry partners.