Square Enix Backs Bitcoin Gaming Startup Zebedee As It Raises $35M
- Bitcoin gaming startup Zebedee has raised $35 million in a Series B funding round.
- The firm was backed by Square Enix, the publisher of the Final Fantasy game series
Bitcoin gaming startup Zebedee has raised around $35 million in a new Series B funding round from Square Enix, the publisher of a series of fantasy and science fantasy role-playing video games, Final Fantasy.
While most of the current blockchain gaming occurs on Solana, BNB, and the Ethereum ecosystem, Zebedee aims to capitalize on the efficiency of the Bitcoin network to build its games. Now, the firm has raised fresh funding from Square Enix and aims to work on several development factors.
According to a report, the blockchain gaming startup on the Bitcoin network raised $35 million in a funding round led by Kingsway Capital, which included participation from Square Enix and The Raine Group, along with existing investors Initial Capital and Lakestar.
With Zebedee, it becomes easy for game developers to build in micropayments via the Lightning Network, a a “layer 2” payment protocol layered on top of Bitcoin which enables fast transactions on the network with next to no fees.
Furthermore, games built on top of the Bitcoin blockchain can offer their players a small amount of Bitcoin as a reward for their time, making them Play-to-Earn games. Interestingly, Zebedee offers an application programming interface (API) which enables developers to implement the technology and applications needed to access the game and Bitcoin rewards.
Additionally, Zebedee broke the wall between traditional games and blockchain games when it showcased its tech by launching special servers for Valve’s popular online shooter, Counter-Strike: Global Offensive (CS:GO). In the showcase, the blockchain gaming firm allowed gamers to wager and win Bitcoin while competing in online matches.
The company also claims that the average size of a transaction on its platform is just $0.08 worth of BTC via the Lightning Network, which makes it very easy to transfer the leading cryptocurrency.
A representative from the firm refused to disclose the number of users currently using the platform but added that Fumb Games’ Bitcoin Miner and Vestly and many of Zebedee’s apps “have been seeing lots of sustained engagement.”
The company further revealed that it has raised around $50 million in total thus far, with $11.5 million in Series A funding in September 2021.