Binance Labs Makes Strategic Investment in Community Gaming to Boost the GameFi Growth
Binance Labs invests in Community Gaming
Community Gaming began as an in-person competitive esports and gaming tournament operator, providing organizers and players of all levels. In 2019, Community Gaming transitioned to a hybrid platform of in-person and online events, using blockchain-based smart contracts to provide an all-encompassing competitive gaming experience from signup to instant payment. By early 2022, Community Gaming reached the 100,000 unique registered users milestone on its platform.
Ken Li, Investment Director at Binance Labs, said, “We are excited to partner with Community Gaming, which we see as an exciting gateway to crypto and play-to-earn for millions of gamers globally, evidenced by the high percentage of gamers who are starting a crypto wallet for the first time via Community Gaming.”
As a result of this investment, Community Gaming will expand both its global footprint and platform offerings. The major platform update expected later this year will allow users to earn supplemental income on the blockchain through gamified ‘Quests’ within the Community Gaming system. This ‘Earnings for Everyone’ approach enables Community Gaming to reward users for action and time with the platform instead of focusing on only the most skilled in competition.
Community Gaming will use this capital injection to grow operations in Latin America and Southeast Asia. The expansion brings economic benefits to underserved regions within the two markets through job creation, local business engagement, and flagship competitive events. At the outset, events will focus on underserved demographics as a way to introduce gaming to a wider audience.
Additionally, Community Gaming will donate a portion of the funding to its Play2Earn foundation. The nonprofit supports the grassroots growth of gaming for low-income individuals and communities around the world by providing grants to competitive organizers. To date, the P2E foundation has provided over $100,000 in grants.
“Community Gaming’s position at the intersection of esports and blockchain technology grants us a tremendous opportunity to lead the growing conversation around gaming in web3. These resources will allow us to further support ‘Earnings for Everyone’ systems that reward action and time, a re-imagining of the social contract of work as people look for new ways to create supplemental income through gaming,” added Chris Gonsalves, CEO of Community Gaming.
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