EOS-based Mythical Games Platform Raises $16 Million in Series A Funding Round

  • EOS-based Mythical Games platform has raised $16 million in a Series A funding round.
  • The EOS platform has received $325 million from previous funding rounds led by Galaxy Digital and Block.one.

Mythical Games, the developer of “video game engines for player-owned economies”, has completed a venture capital-backed $16 million Series A funding round.

Building Games On Blockchains

The funds will reportedly be used to create games for mobile and desktop computer users. Notably, Mythical Games’ platform will be developed on the EOS.io blockchain network, and the company is planning to announce the first set of games it will be launching.

Mythical’s management team consists of several members who have been actively involved in the gaming industry. John Linden, a computer engineering graduate from the University of Kansas, is managing Mythical’s key operations as the firm’s CEO.

Linden has previously worked at Activision, a large 40-year-old California-based video game publisher. The other C-level executives at Mythical include its chief compliance officer, Jamie Jackson (who also previously worked at Activision).

1 Million Waves To Be Rewarded To Game Developers

Notably, billionaire investor Michael Novogratz’s Galaxy Digital has made substantial investments into the ongoing development of the EOS platform. Launched in January of 2018, the $325 million fund has drawn investments from members of Block.one (the company that developed EOS) and Novogratz’s “full-service” crypto merchant bank, Galaxy Digital.

As CryptoGlobe reported in October, Chainbreakers, a virtual reality game, is being developed on the Ethereum-based Decentraland platform. Chainbreakers is based on a fictional story - which focuses on the notable events that took place in Ancient Greece.

As covered, the blockchain and smart contract-enabled, Waves platform, has announced the launch of a 1 million Waves (appr. $2 million) reward pool for developers who will build games on its network.

Gaming And Gambling Apps Lead The Way

Sasha Ivanov, the founder and CEO of Waves, had said:

I believe that the gaming sector will be an enthusiastic adopter of blockchain, and will drive its widespread use. Given the mutual opportunity here, we are more than ready to reward developers for the effort they make in implementing their projects within [the] Waves ecosystem.

Waves Platform CEO

In addition to gaming, online betting platforms are increasingly being developed on blockchain-based platforms.

In early November, CryptoGlobe reported that TronDice, a TRON-based gaming DApp (decentralized application), had paid out almost $5 million in TRX tokens. The TronDice DApp allows users to select a number between 2 and 100, and the game’s smart contract uses a random number generator to produce a number between 1 and 100. Rewards in TRX are distributed to users according to their choices

How Bakkt Can Bring the Crypto Space an Institutional Investor Influx

Cryptocurrency enthusiasts have for years been waiting for institutional investors to enter the space. While the introduction of bitcoin futures contracts on regulated exchanges in late 2017 didn’t gain a lot of traction, but Bakkt may.

Bakkt is a long-awaited bitcoin futures exchange and on-boarding platform from the Intercontinental Exchange (ICE) - the parent company of the New York Stock Exchange – and it’s set to launch this year. Bakkt itself has remained tight-lipped over the precise launch date after delaying its launch last year, with ICE CEO Jeff Sprecher in February simply saying “later this year.”

It’s possible that this quarter may see the launch or at least more news about when the exchange is finally coming. At the end of March, Bakkt CEO Kelly Loeffler explained:

While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S.

Bakkt’s launch could be a major milestone for the cryptoasset industry. A venture backed by Microsoft and Starbucks, its institutional pedigree alone will switch many cautious investors on. Specifically, the firm is set to help consumers pay for goods and services with cryptocurrencies, with Starbucks being the flagship retailer in its arsenal.

Bakkt’s Bitcoin futures contracts will be the first physically-settled derivatives on a regulated trading platform. This means investors will receive the contract’s underlying asset, bitcoin, when it expires.

Currently the Chicago Mercantile Exchange (CME) offers cash-settled bitcoin futures contracts, meaning investors get the equivalent of BTC’s value in fiat when the contracts expire. This is seen by some as a major development in the cryptocurrency space, as it shows traditional finance is willing to interact with the nascent cryptoasset industry.

It’s worth noting that earlier this year the ICE’s CEO called Bakkt a “bit of a moonshot bet,”  as it was organized in a way “very different than the way ICE typically does business.” The firm has its own offices and management team, and could undergo more rounds of financing in the future.

Bakkt And a Potential Bitcoin ETF

What’s significant about Bakkt’s launch beyond this, is that it may bolster the chances of a Bitcoin Exchange-Traded fund (ETF) being approved. Such a product would make it easier for institutional investors to gain exposure to cryptocurrencies.

In August, the US Securities and Exchange Commission (SEC) rejected nine other ETF applications, in particular highlighting how those applying hadn’t provided evidence that “bitcoin futures markets are of significant size’” for an ETF to be launched.

Once Bakkt is launched its trading volumes may very well help quell the SEC’s concerns over the bitcoin futures markets’ small size as institutions and other investors may feel comfortable entering it. Larger futures contracts trading volume, increased liquidity and a well-established company involved may prove enough to convince the SEC that the time is right for a Bitcoin ETF.

Bakkt therefore represents a very significant milestone for a maturing cryptoasset industry and may well herald the “institutional influx” that many have been anticipating since 2017. Despite the markets remaining relatively flat throughout 2019 these looming decisions in the U.S. have the power to move the entire industry forward, for better or worse.