Funtap launched $10 M blockchain fund
Funtap, a Vietnamese IT firm focused on IT, entertainment, and gaming, has announced the formation of a $10 million blockchain-focused fund.
Funverse Capital will invest in entrepreneurs developing blockchain-enabled apps in GameFi, DeFi (decentralised finance) and other areas.
The fund will provide mentorship and accelerator programmes in addition to writing a check for up to $1 million.
Funtap, which began as a game publisher in 2015, has evolved into a digital service ecosystem that includes games, digital content, payment, and financial solutions.
Funtap’s games have made inroads into eleven international countries, according to its website, including Thailand, Malaysia, and Singapore, in addition to Vietnam.
With over 70 mobile games released and localised in five languages, the company claims to service 42 million users globally.
“Blockchain and NFT (non-fungible tokens) are great motivations for the coming generation of Internet products and services,” said Adam Bui, Founder and CEO of Funtap. “Funtap is now ready to contribute to the growth and acceleration of the emerging tech industry.”
Since the tremendous success of Sky Mavis, the gaming unicorn behind the well-known play-to-earn game Axie infinite, Vietnam’s blockchain sector has been poised for an explosion.
According to DealstreetAsia, Funtap purchased a 30% share in local digital payment business 9PAY in April for a “seven-digit US-dollar” investment. Funtap’s game-related products are now available through 9PAY’s e-wallet.