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Immutable X was valued at $2.5 billion following a fundraising round to boost its international development.

On Monday, Immutable X, a layer 2 NFT trading platform built on Ethereum, announced the completion of a $200 million Series C investment round. The round, led by Singaporean investment firm Temasek, raises Immutable’s worth to $2.5 billion.

Increasing the Team’s Size

Princeville Capital, Arrington Capital, ParaFi Capital, Mirae Asset, and Liberty Global were among the other new investors in the round. Meanwhile, current investors such as Prosus Ventures, AirTree Ventures, Fabric Ventures, Possible Ventures, Declaration Partners, King River Capital, and Alameda Research have raised their stakes in the firm.

According to a news statement, the funds will support the organization’s global development while also investing in the platform’s growth. GameStop, TikTok, OpenSea, and GaryVee’s “VeeFriends” are among the firms that have been built on the platform.

Additionally, the funds will be used to expand Immutable’s gaming studio, which currently includes blockchain titles like Gods Unchained and Guild of Guardians.

Immutable now has a workforce of 165 individuals, but it plans to add another 200 people globally over the next 12 months. The team has also added four more C-suite executives to its worldwide growth. COO Gin Findlay, CGO John Boris, CSO Justin Hulog, and CPO Katherine Rau.

Immutable employs a scaling method known as “zero-knowledge rollups,” which enables users to inexpensively bundle hundreds of thousands of transactions off-chain before securing them on the Ethereum base chain. Game creators may produce in-game tokens that are tradeable at a cheap cost by introducing this scaling approach to NFTs.

Immutable’s Expansion

Gamestop collaborated with Immutable last month to develop an NFT marketplace and a $100 million co-fund to encourage the progress of NFT gaming products. In addition, Immutable would allegedly award Gamestop $150 million in IMX tokens when certain developmental milestones are met.

Habbo, a social entertainment platform, also stated last month that it would begin developing on Immutable. Through gas-free NFT minting and trading, the platform purportedly aims to “create a stronger social connection.”

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