Brevan Howard Pours $40 Million Into Blockchain Gaming Startup

Morgan Creek Digital, Take-Two Interactive Software, Polygon, Ubisoft, Xsolla and others also participated in the round

article-image

Source: DALL·E

share

key takeaways

  • This investment comes soon after Brevan Howard raised $1 billion from institutional investors to invest in crypto startups
  • The latest fundraise will be used to scale Sequence, a developer platform and smart wallet designed for Web3 games

Horizon Blockchain Games, the creator of popular blockchain game Skyweaver, has raised a $40 million Series A led by Brevan Howard Digital and Morgan Creek Digital.

Other venture capital firms that participated in the round included Take-Two Interactive Software, Polygon, Ubisoft, Xsolla and others. Individual investors including Shopify CEO Tobias Lütke, The Sandbox’s co-founder Sebastien Borget, and Sky Mavis and Axie Infinity co-founder Aleks Larsen also invested in the fundraise.

This latest funding round will be used to scale Sequence, a developer platform and smart wallet designed for Web3 games to expand Skyweaver’s audience and introduce semi-fungible token (SFT) marketplace Niftyswap.

SFTs are an ERC-1155 token that is used in video games and metaverse assets. Horizon plans to soft launch Niftyswap to a group of testers before its public release later this fall. 

As of June 2022, 407,000 Skyweaver accounts had played over 4.8 million matches. The Sequence Wallet is said to have over 675,000 users, according to the company, and is integrated into a boxing NFT marketplace on Polygon from DAZN, a sports entertainment platform.

According to data from DAZN, 80% of its users were exposed to crypto and NFTs through the project for the first time, a fact that Deborah Marfurt, chief financial officer at Horizon, believes to be a great feat.

“The fact that we were significantly oversubscribed in this difficult and bearish market demonstrates the world-class expertise of our team, the excellence of our products, our collective Web3 vision, and the fundamentals of how we’re running this company,” Marfurt said.

Brevan Howard Asset Management has been extremely active in investments in the cryptocurrency space. The hedge fund raised over $1 billion from institutional investors in August and has recently invested in Injective, ​​a layer-1 blockchain network in the Cosmos ecosystem.

Colleen Sullivan, co-head of ventures at Brevan Howard Digital, said in a statement that the Sequence platform “has massive potential to unlock mainstream access for millions of games and applications.”

“We believe Horizon is poised to become the premier platform, wallet, and gaming company of the web3 generation,” Sullivan said.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

MicroStrategy discloses the purchase of 16,000 bitcoin throughout November

article-image

Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion

article-image

Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks

article-image

DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely

article-image

Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

article-image

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said