The world of esports is growing rapidly, and while the “moneyball” strategy has helped propel traditional sports to new heights of popularity, it has proved somewhat less effective in esports. There are many problems that exist in the esports world, with the biggest being lack of transparency and lack of professionalism in the player recruitment process.
It’s been a while since we last heard about CoinFund, a blockchain startup that’s now entering the newest frontier in the world of gaming: esports. Founded by former professional gamers, CoinFund has received $2.3m in seed funding from venture capital firm CoinFund to develop a decentralized tournament platform using blockchain technology and a simulated market to fill out the supply on esports content and tournament games.
New York, NY, 1. July 2021,
New York, NY, 1. July 2021 – Community Gaming, a gaming startup working to automate the organization and payment of esports tournaments, today announced the closing of $23 million in funding led by CoinFund , a blockchain-focused investment firm, and by key players in the cryptocurrency ecosystem, including Dapper Labs, Animoca Brands, Multicoin Capital, 1kx, Warburg Serresand Hashed. Venture capitalists and investors from the gaming world also participated, including Thirty Five VenturesKevin Durant and Rich Kleiman, WorkPlay VenturesMark Pincus, Play Ventures, WhaleSharkand GenG Esports and Rally Network founder Kevin Chou. The initial investment follows an earlier pre-investment of ConsenSys.
Community Gaming is a platform that provides a seamless tournament experience and uses advanced blockchain technology to distribute rewards. The project was inspired by the experiences of the founders, who have been hosting LAN tournaments in New York since 2017. After hosting 200 events, the team experienced firsthand how difficult it is to run amateur tournaments due to the lack of payout options and confusing tournament software. CommunityGaming.io was created to address these pain points and launched in late 2019.
Community Gaming provides a web-based application for registration, tournament management and player payment using distributed ledger technology. Credit card integration makes it easy to switch from fiat currency to crypto currency, with the whole experience being as simple and beginner-friendly as possible. Tournament organizers can create a tournament in less than 5 minutes by first connecting an existing MetaMask wallet or by creating a new unlimited wallet with one click.
Organizers can specify the tournament format, rules and payment methods; the platform automatically manages the brackets for them. Participants can also create their own account on CommunityGaming.io, log in or create a new self-directed wallet and join one of the active tournaments. Currently, tournaments can be held on the Ethereum Mainnet, Binance Smart Chain and Polygon with a commission as low as 1/50 penny. Payments are immediately and automatically sent to the winners’ linked wallets at the end of the tournament.
The investment round will help Community Gaming expand its presence in Latin America and Southeast Asia as the first comprehensive blockchain-based payment solution in the gaming space.
The platform’s rewards program will allow highly active users to increase their earning potential by completing weekly tasks. The recent investment will also allow for the rapid development of this rewards program, as well as more sophisticated smart contracts for league operations.
We are pleased to have the support of key players in the blockchain and gaming industries as we look to bring Web3 payment technology to millions of gamers around the world and accelerate the transition to the Play2Earn gaming ecosystem, said Chris Gonsalves, CEO of Community Gaming.
Community Gaming has created a valuable platform for the esports community to thrive, said Jake Bruchman, founder and CEO of CoinFund. The team has taken the renewed interest in gaming to new heights and improved the challenges of online gaming. Our goal is to support their continued success and ensure a smooth and enjoyable esports tournament experience.
About the game in the community
Community Gaming is an all-in-one platform that provides an esports infrastructure for all major players in the industry. With a seamless UX and highly scalable blockchain-based payment technology, the platform gives players, game organizers and developers the tools they need to create, organize and participate in esports tournaments.
- Dan Gemstone
- [email protected]
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