MetaMagnet, operator of the universal blockchain gaming platform built on the Terra blockchain, C2X, has announced the closing of a $25 million funding round led by FTX Ventures, Jump Crypto and Animoca Brands. This round was conducted as a private token sale, at a $500 million valuation to the platform. C2X also disclosed that an Initial Exchange Offering (IEO) was conducted on March 18, 2022 for the Platform’s native token, C2X.
The public listing of the C2X token will be announced at a later date.
The private token sale saw participation from a marque list of investors including FTX Ventures, Jump Crypto, Animoca Brands, Hashed, Terra, Transcend Fund, Galaxy Interactive, Skybound, Blockchain Coinvestors, DeFiance Capital, Play Ventures, Crypto.com, Infinity Ventures Crypto, Unanimous Capital, Bowei, Xsolla, Huobi Ventures, Goal Ventures, Concept Art House, Agnitio Capital and Formless Capital. These investors were selected given their prominence and history of leading ventures in their respective industries, including Gaming, Crypto, DeFi, Blockchain and entertainment.
C2X is built on Terra, an application-specific blockchain built on the Cosmos SDK and Tendermint consensus, which ensures that all assets and data needed will remain secure, transparent and tamper-proof. The Terra blockchain enables developers to build on a robust ecosystem that rewards both users and creators.
The Platform is guided heavily by Com2uS and Com2uS Holdings, global multi-content and platform companies that lead the digital revolution of the future beyond gaming with their expertise in blockchain technology, who are the original contributors and master content providers with Terraform Labs and Hashed operating as C2X’s advisors. More than ten new titles are set to be released and supported by the C2X platform over the course of 2022.
Paul Kim, Director of MetaMagnet, said, “The funds raised and today’s IEO will provide us with the necessary capital and global exposure to provide investors with additional value throughout C2X’s existence.”