Crypto exchange FTX launches new gaming unit

cnbctv18.com:

Cryptocurrency exchange FTX has announced the launch of its ‘crypto-as-a-service’ gaming outfit dubbed FTX Gaming. The service will help developers launch in-game tokens and integrate non-fungible tokens (NFTs) into their gaming projects.It will operate via the exchange’s US arm, FTX US, and push to bring blockchain-based products into the gaming space.

The move comes just months after FTX announced that it would co-invest USD 100 million with Lightspeed Venture Partners and Solana Ventures to develop crypto gaming projects.“We are launching FTX Gaming because we see games as an exciting use case for crypto,” an FTX spokesperson said to Bloomberg. “There are 2 billion+ gamers in the world who have played with and collected digital items and can now also own them.”Also Read| Explained: How investors can participate in crypto airdropsFTX successfully closed a massive round of funding and garnered USD 400 million in January 2022.

According to The Verge, it has now become “one of the most valuable private crypto firms in the world”. FTX has also been spearheading the launch of the Coachella Festival, wherein pictures, posters and lifetime-validity passes were sold in the form of NFTs.FTX Gaming will take its platform to organisations and projects that are focused on leveraging web 3.0.

Previously a partner at Lightspeed, Amy Wu jumped ship to FTX and will be managing a USD 2 billion web 3.0 venture fund. “We can provide all of that white-labeled (FTX-as-a-service) for the largest gaming companies in the world and new indie studios that are looking for a turnkey solution,” she said.