$11 Million Raised by the Makers of CryptoKitties to Build a New Blockchain

It has been reported that the firm behind CryptoKitties, Dapper Labs has been able to raise a sum of $11.2 million, Andreessen Horowitz, Digital Currency Group, and Warner Music Group were said to be a part of the fundraising according to a Forbes report. Dapper Labs new blockchain, Flow, will be built with the new round of financing. A total sum of $39.2 million has been raised to date.

An equity stake in Dapper Labs will be issued to investors who took part in this new funding round, this would come with an option to convert their stakes into the native currency of Flow when the approval has been written by SEC. Dapper Labs said:

"Flow is built as a developer-friendly blockchain... to support the next generation of games, apps, and...digital assets."

Dapper Labs CEO Roham Gharegozlou also said:

“Imagine on flow, the possibility of a platform for billions of sports fans to trade verified, authentic and limited edition digital memorabilia in real-time around the world,”

Other use cases are also being explored by Dapper Labs for Flow through their partnerships with Warner Music and Ubisoft, the digital game development firm.

Dapper Labs also announced that it is developing a car race game with Ubisoft. In this game, unique cars can be traded between owners.

Image via PR Newswire