This 2020 is truly a pivotal year for blockchain innovation as the technology claims to have the potential to transform the world we live in and make capital investors place their bets on startups during this pandemic.
First Shoshin Holdings, Inc. (FSHI) recently invested US$6M Series B Funding into blockchain software developer Blockchip, the company behind the blockchain gaming platform GameWorx (GWX). This round of funding is preceded by a US$2M Seed Funding round in 2017 and a US$3M Series A funding last year. FSHI’s investments are intended to fast-track and support research and development, operations, marketing and business development, tech upgrades, and market expansion initiatives for GameWorx.
Software development company Blockchip Philippines, Inc. has industry expertise in blockchain technologies focusing on the online gaming industry. GameWorx, Blockchip’s flagship product, is a tokenized gaming platform powered by the GWX token and built with its unique digital wallet that allows users to send, convert, or exchange their GWX tokens to other cryptocurrencies and fiat. Despite short-term fluctuations in cryptocurrency markets, FSHI is confident and sees its investment as a long-term bet on the future of blockchain gaming.
Also, FSHI sees this as a timely move to boost its portfolio as consumer behavior points to a dramatic increase in online gaming traffic with virtual zones becoming avenues to socialize, connect, and compete during this pandemic. Foreign investors are also looking to invest in GameWorx which spells an exciting opportunity for the gaming platform as the partnership can potentially expand its player base and create additional revenue.
Launched last 2018, GameWorx provides ease of compliance with its Cagayan Economic Zone Authority (CEZA) and North Cagayan Gaming and Amusement Corporation (NCGAC) license, and fuels creativity and open innovation in the global gaming market with blockchain technology. Gameworks allows game developers and publishers to host their games in a fully licensed and regulated environment and can tap the rapidly expanding greater Asian market.
GameWorx provides useful tools for gamers including decentralized asset exchanges, verifiable scarcity of virtual objects and collectibles, fast and secure payment networks, and the ability for developers and publishers to properly monetize their creations and retain full ownership of their games and intellectual property. Built into its underlying infrastructure are regtech measures designed to bring together legal compliance, transparency, security, and fair monetization on a single platform.
Apart from GameWorx, FSHI also funds fintech and crypto-focused startups including JoJoPay, MintBank, xCoin, and is set to soon build its $5M FinTech hub bringing some of the biggest financial service providers and money transfer operators to offer a modern over-the-counter banking experience for Filipinos.