Blockchain-based gaming studio Horizon Games has raised $3.75 million to ramp up its operations to compete with Magic: The Gathering, and Hearthstone. The blockchain company announced on Wednesday that it completed a new funding round led by venture capital fund Initialized Capital which is backed by Reddit co-founder and Executive Chairman Alexis Ohanian.
Apart from Ohanian’s capital fund, Coinbase Ventures, Inovia Capital, Polychain Capital, and a few more were among other investors. Though the Horizon informed about the funding yesterday, it was completed in early 2018.
The company has utilized the raised funds to enhance production on the new DLT based game Skyweaver, based on the Ethereum protocol, which is being endorsed as ‘Trading Card Game from Another Dimension.’ The funds were also utilized to build and develop the latest Arcadeum gaming platform.
Horizon Games CEO, Peter Kieltyka is a popular name in the digital gaming industry. He envisioned Horizon to be the mainstream competitor to the segment leader Hearthstone, which has more a 100 million registered players on its platform. While commenting on the funding round, Kieltyka said,
“I wanted to introduce a product on blockchain technology. We wanted to deliver something my friends could use. We realized this was a huge market, it’s a huge idea. CryptoKitties’ had come out, and we could see the movement.”
Horizon Games is a game development studio, which also acts as a distributor or blockchain-based games. The company’s latest product under development, Skyweaver is the crypto-blockchain game which allows players to compete for a one-on-one with each other using collectible cards. Mostly, the funds were used to develop the infrastructure for the game, and the Arcadeum platform.
Players can start playing Skyweaver using the free set of collectible cards given by the company. However, special edition cards are available for sale using the DAI stablecoin, and each premium card for the game costs one DAI.