FTX Gaming Announced Partnership With YGG's India Unit IndiGG To Grow Into The Indian Gaming Market.
FTX Gaming, an unit of the Bahamas-based cryptocurrency exchange business FTX, has announced an agreement with Yield Guild Games’ (YGG) India branch, IndiGG. The two organizations will collaborate to develop and use Web3 in the Indian gaming market.
FTX stated in a blog post:
“FTX Gaming and IndiGG are excited to announce an official partnership today to take on gaming in India. IndiGG is an official subDAO of Yield Guild Games (YGG) and aims to incubate and drive the adoption of Web3 gaming in India.”
Notably, IndiGG is already fostering a large number of indie games, and with FTX Gaming on board, these games will achieve Web3 compliance with the support of FTX’s full-stack architecture solution.
In addition, gaming studios in FTX Gaming’s portfolio will get access to IndiGG’s distribution channels, guilds, and on-the-ground staff in order to launch their games in India.
According to a survey by the industry research firm Chainalysis, India is an ideal market for crypto firms, with the country having the world’s second-largest cryptocurrency user base. As such, the introduction of crypto-based P2E gaming in India might be interpreted as FTX’s attempt to go deeper into India’s crypto industry.
FTX has secured over $1.8 billion in Series C funding, lead by Sequoia, which contributed $1 billion in the cryptocurrency startup.
IndiGG is a subDAO of YGG that was founded in 2021 with the goal of creating a blockchain-powered play-to-earn (P2E) gaming guild on the Polygon network. A DAO is a ‘organisation’ governed by software-encoded rules. The nature of these regulations is typically obvious.
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