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YGG SEA raises $15M for play-to-earn games in Southeast Asia

 


Play-to-earn games are hugely popular in the cryptocurrency ecosystem and will transcend the industry.


Yield Guild Games Southeast Asia (YGG SEA) announced today that it has raised $15 million in two separate private funding rounds. The funds would be used to encourage the adoption of play-to-earn games in Southeast Asian countries.


YGG SEA is a sub-decentralized autonomous organization (subDAO) of Philippines-based blockchain gaming startup Yield Guild Games (YGG).


According to the press release shared by Coin Hero, the first round was led by YGG and Infinity Ventures Crypto (IVC).


The second round of funding was led by some of the industry's leading investors, including Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, Sembrani Kiqani (a fund of BRI Ventures), Circle, Digital Currency Group, Hashed, Polygon, Bukalapak , Venture Management of United Overseas Bank (UOB) and Arca Funds.


Additional investors in this funding round include Evernew Capital, OKEx Blockdream Ventures, Yolo Ventures, SevenX Ventures, LongHash Ventures, Hashkey Group, Morningstar Ventures, Rise Capital, Dialectic, SweeperDAO, PetRock Capital, DNC Ventures, FBG Capital and Emfarsis.


Robby Yung, CEO of Animoca Brands, said his company believes in what YGG SEA aims to achieve:


“As an investor in YGG, Animoca Brands is a supporter of YGG's SEA team, its business model and its regional focus. We believe that YGG SEA will greatly contribute to bringing gamers across Southeast Asia onto the blockchain.”


YGG SEA is the first regional subDAO of Yield Guild Games and will focus on promoting play-to-earn games in Malaysia, Indonesia, Vietnam and Thailand.


Bobby Bao, Managing Director of Crypto.com Capital, also expressed his delight at YGG SEA's goal:


“Crypto.com Capital is pleased to support the launch of YGG's first subDAO - YGG SEA - in its private funding round. We believe that Southeast Asia will continue to be the world's largest market for play-to-earn operators and that YGG SEA - with YGG's operational expertise and teams on the ground - will continue to hold the lion's share of high-quality scientists in the region."


YGG SEA said it is committed to supporting locally developed play-to-earn games in the region. It will also focus on acquiring NFTs that are uniquely suited to the needs and interests of SEA's player base.


In addition, YGG SEA will help ensure that locally developed play-to-earn games are distributed globally. YGG SEA, similar to its parent company, aims to bring the Web2 community into the Web3 space via GameFi.


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