Quick take:
- Yield Guild Games South-East Asia has completed a $15 million funding round.
- YGG SEA is a sub-Decentralised Autonomous Organisation (subDAO) of the Philippines based Yield Guild Games (YGG).
- The funding round was backed by Animoca Brands and Crypto.com, among other top blockchain investors.
Yield Guild Games South-East Asia (YGG SEA) the sub-Decentralised Autonomous Organisation of the Philippines-based Yield Guild Games (YGG), has announced a $15 million funding round backed by some of the leading blockchain investment firms including Crypto.com and Animoca Brands.
The fundraising was done across two different private rounds and will be used to boost the adoption of play-to-earn games in South-East Asia. The initial private round was led by the initial round was led by YGG and Infinity Ventures Crypto (IVC).
MindWorks Ventures, Poloniex, Jump Capital, Circle, Digital Currency Group, Hashed, Polygon, United Overseas Bank (UOB) Venture Management, Arca Funds, Evernew Capital, OKEx Blockdream Ventures, and others joined Animoca Brands and Crypto.com in the follow-up round.
Commenting on his company’s participation, Animoca Brands CEO, Robby Yung said: “As an investor in YGG, Animoca Brands is a supporter of the YGG SEA team, its business model, and its regional focus. We believe YGG SEA will strongly contribute to onboarding players to blockchain across South East Asia.”
YGG SEA was created with the purpose of onboarding Malaysian, Indonesian, Vietnamese, and Thai gamers to play-to-earn gaming. Its parent YGG is using sub-DAOs as part of its braider strategy to expand across the world. Every subDAO is tailor-made for the local communities that it is created to onboard.
Although the main purpose is to onboard players as scholars, YGG is also looking to use sub-DAOs as bridges that connect Web2 games to Web3.
Crypto.com Capital Managing Director, Bobby Bao said his company was pleased to play a crucial role in helping YGG launch its first sub-DAO in South-East Asia.
“We believe that Southeast Asia will continue to be the largest market globally for play-to-earn operators and that YGG SEA – with its operational expertise spanning from YGG and its in-country teams – will continue to hold the lion’s share of high-quality scholars in the region,” he said.
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