Solana-based Gaming Platform Arcade2Earn Raises $3.2 Million From Crypto.com, Solana, Kucoin

Arcade2Earn, a Solana blockchain-based play-to-earn gaming platform, has secured $3.2 million in a seed investment round led by Crypto.com Capital.

According to Arcade, other investors included Solana Ventures, Shima Capital, KuCoin Labs, and GSR. The financing was obtained by a straightforward agreement for future tokens (SAFT). The company’s utility token is known as arcade.

Arcade2Earn distinguishes itself from the abundance of Web3 gaming platforms with its unique notion of mission pools, which allow gamers to earn money without owning NFTs.

Users can contribute to a specific mission pool by utilizing the xarcade token (a fabricated form of arcade), which is made up of operators and contributors.

Anyone accepted by Arcade can run a task pool, even a gaming guild. Operators can play games with NFTs held by Arcade or leased to Arcade, which will subsequently be utilized to produce prizes.

On the other hand, mission pool contributors are arcade token holders who may choose which operators and in-game activities to support by putting their xarcade tokens into a mission pool. The xarcade token deposited is locked in the task pool and returned upon completion, along with a proportionate part of the prizes.

Xinlu Yu, head of KuCoin Labs, said in a statement:

“The fundamental difference between a GameFi project and traditional games are the former’s strong finance features. However, not everyone is good at playing or has time to play games and earn.
This is where Arcade fills the gap by enabling those groups of people to enjoy earning yields through their specific products without directly playing the games themselves.”

The Arcade2Earn platform is now under development, with a demo set to appear by the end of the year. The platform and token will then be made available to the general public.

Arcade presently employs 20 people, including its six co-founders. The company has no imminent plans to expand its workforce.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.