tl;dr
Pantera Capital has invested in GAMEE, a subsidiary of Animoca Brands and the mobile gaming platform behind the WatBird game. GAMEE, a blockchain gaming firm, developed WatBird as a Telegram Mini App to introduce the messaging app’s users to Web3 through fun, meme-inspired gameplay. The investment a...
Pantera Capital Invests in GAMEE, a Blockchain Gaming Firm Pantera Capital has invested in GAMEE, a subsidiary of Animoca Brands and the mobile gaming platform behind the WatBird game. GAMEE, a blockchain gaming firm, developed WatBird as a Telegram Mini App to introduce the messaging app’s users to Web3 through fun, meme-inspired gameplay. The investment aims to expand GAMEE's presence on The Open Network (TON) and strengthen its footprint within the TON ecosystem.
Animoca Brands, the gaming giant, disclosed the investment in a Wednesday press release. The statement indicates that GAMEE will use the funds to expand its presence on The Open Network (TON) through WatBird. The initiative aligns with GAMEE’s goal to strengthen its footprint within TON ecosystem by introducing its gaming experiences to that blockchain. GAMEE currently boasts over 90 million registered users and has facilitated more than 10 billion gameplay sessions across various platforms. Notably, over 4 million GAMEE users have already linked their TON Wallets to WatBird.
Justin Hyun, director of investments at TON Foundation, described Telegram as a “Trojan horse” for mass blockchain adoption — a potential Pantera Capital likely recognized. “We are excited to be able to support the growth of applications within the TON ecosystem. We have been impressed by the traction that GAMEE has found with its Telegram Mini App games and look forward to seeing it expand its presence on TON,” Cosmo Jiang, portfolio manager at Pantera, said.
While GAMEE accepts venture capital support, its peer on the TON blockchain, Hamster Kombat, remains firm against external funding. The decision reflects concerns that venture capitalists may prioritize their exit strategies, potentially compromising the long-term wellbeing of the project. Pantera Capital’s interest in GAMEE reflects a common trend among VCs. They target new businesses, primarily startups with high growth potential.
More about Robinhood Markets Inc
Stock Analysis: Robinhood Markets Inc
Sector: Finance
Industry: Security Brokers, Dealers & Flotation Companies
Market Cap: $17,543,166,000
Stock Price: $63.97
Dividend Yield: None
P/E Ratio: 0.31
EPS: $2.545
Beta: 0.13
Volume: 2,238,000,000
Revenue: $23.97 billion
Net Income: $6.6 billion
ROE: 0.403