Community Gaming completes $2.3M funding round, eyes two new markets

Community Gaming, an esports gaming startup, said in a Thursday press release it completed a seed round for $2.3 million to fund its global expansion. Financing was led by CoinFund, a blockchain-based investment company, and leading crypto organizations such as 1kx, Dapp Labs, Hashed, Animoca Brands, among others.

Simple, efficient organization of e-sport tournaments

Community Gaming provides tournament bracket management, a web app for registration, and player payments that uses cutting-edge blockchain technology to distribute rewards. The project was inspired by the founders’ experience hosting LAN tournaments in the late 2010s. They witnessed the challenges in organizing grassroots gaming competitions due to complicated software and outdated payment methods. They created and launched CommunityGaming.io in late 2019.

Tournaments can now be deployed on the Ethereum (ETH/USD) mainnet, Binance (BNB/USD) Smart Chain, and Polygon (MATIC/USD) with fees as low as 1/50th of a penny. Payouts are automated to be sent to the winners’ connected wallets once the tournament concludes.

Use of proceeds

The recently completed investment round will help Community Gaming expand its presence into Asia and Latin America as the first full-scale, blockchain-supported payment method in gaming. Soon, the platform will be equipped with a rewards program, making it possible for highly engaged users to potentially increase their earnings by completing tasks every week.

Community Gaming CEO Chris Gonsalves expressed excitement over the support obtained from major players in the gaming and blockchain industries as the company ushers in web3 payment technology to millions of gamers across the globe.

Jake Brukhman, Founder and CEO of CoinFund, commented:

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.

The post Community Gaming completes $2.3M funding round, eyes two new markets appeared first on Invezz.

Publication date: 
07/01/2021 - 13:07
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