Blockchain Ventures of Blockchain.com makes its first equity stake into Enjin distributed ledger technology gaming platform to further in-game item tokenization and purchasing.
Blockchain Ventures is a cryptocurrency wallet, data, and exchange provider. Now, the firm has defined its stake in Enjin, the blockchain game technology.
Making the publication on Tuesday, Blockchain Ventures stated it’s the first ownership funding scheme in the gaming tech firm. The investment that permits random generated game items to be transferred across ETH-Based titles enables by using its structure. Blockchain Ventures, however, declined to state the exact figure.
Enjin is a Singapore based gaming platform that has built several apps to enhance its operations. These include a game creation system that permits blockchain inclusion by third party developers, a market for collectibles, and blockchain wallets.
In March, news spread about the Samsung Galaxy S10, where they had included the Enjin Wallet During that time, enjin-coin, the gaming firms token value swelled by 70%.
According to Blockchain Ventures, they back Enjin because,
“The economic representation of Enjin token, whereas Enjin Coin (ENJ) will operate only on the network of a particular carrier within virtual in-game items and freely exchangeable tokens (non-fungible tokens- NFT) is something we had never experienced before. This makes it possible for price determination and value recovery that has been a major dare for NFT.”
In July, Blockchain Ventures reported they were launching PIT, a new cryptocurrency exchange. They are claiming to have raised $50 million for the project.