NFT scaling startup Immutable raises $60 million in Series B funding


The Australian startup Immutable, creator of the NFT-focused Ethereum Layer 2 protocol Immutable X, has raised $60 million in a new funding round — bringing its total raised to $77.5 million. 

BITKRAFT Ventures and King River Capital co-led the round, according to a press release. Other participants included Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund.

Immutable X tackles the high cost of minting NFTs on Ethereum due to high transaction fees. ETH transaction costs are around $40 per The Block’s Data Dashboard — roughly double the fees of early April when Immutable first launched Immutable X.

By using zero-knowledge proofs to validate transactions off-chain, Immutable X removes gas fees for minting NFTs, according to the startup's website. Immutable also claims Immutable X is carbon neutral through the purchasing of carbon credits.

“NFT trading is a terrible mainstream user experience right now. It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing — the security and user-base of Ethereum,” Robbie Ferguson, co-founder at Immutable, said in a press statement. “We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”

Immutable intends to use its Series B funding to grow its engineering and sales team, bolster collaborations with gaming firms, and continue building its NFT-based games Gods Unchained and Guild of Guardians. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC