UAE Blockchain gaming studio secures $5 million to develop its GameFi solutions

 

 

UAE based Blockchain gaming entity, iBLOXX,Studio has secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company's GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

The funds will be primarily used to develop iBLOXX Studios, the group´s Web3 gaming arm. iBLOXX Studios is focused on building blockchain games using Unreal Engine and Unity, developing GameFi economy health- and monitoring solutions, as well as creating trading-related blockchain applications. With this funding, iBLOXX Studios will be able to accelerate the development of its gaming offerings and expand its reach in the blockchain gaming market.

"PrimeXM, who is amongst the world’s leading providers for foreign exchange and cryptocurrency trading solutions, caters to some of the industry's largest players, such as Saxo Bank, IG, Equity.com, SwissQuote or OKCoin. Their decision to invest in iBLOXX is a testament to their unwavering confidence in our company's potential for growth." said Domenik Maier, CEO of iBLOXX.

iBLOXX recceived its license from Dubai DMCC in December 2021. 

Web3 technologies in gaming represents one of the fastest-growing segments of the nearly $200 billion global gaming industry. Currently standing at $1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach $5 billion by 2025.