CryptoKitties Raises $12 Million From Andreessen Horowitz, Union Square Ventures

CryptoKitties Blockchain Sensation Raises $12M

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  • CryptoKitties spun out of original creator, AxiomZen.
  • The kitten game has raised $12M from this endeavor.

CryptoKitties, which is more like a digital version of Pokemon cards but based on the Ethereum blockchain, was debuted on 28th of last November by AxiomZen, a Vancouver and San Francisco-based design studio. News reaching Cryptona.co revealed that the blockchain-based virtual game is being spun off from AxiomZen as a separate venture and has already raised $12M from a star-studded roster of investors.

Also read: G-20 Classifies Cryptocurrencies As Assets Not Currency

CryptoKitties was created with the idea of making blockchain tech – the distributed ledger technology – relevant and more accessible to everyday consumers. Though Andreessen Horowitz and Union Square Ventures, both of which have quickly established a reputation for supporting fast-growing cryptocurrency startups like Coinbase, led the funding round, other notable investors such as Fred Ehrsam, the former founder of Coinbase Inc.; Naval Ravikant, Chief Executive Officer and founder of AngelList; and Mark Pincus, the cofounder of Zynga founder; Bill Tai, board member of BitFury; William Mougayar, the founder of Token Summit; Avichal Garg, partner at Y Combinator; Jeff Morris, the head of revenue at Tinder; Balaji Srinavasian, the founder of Earn.com; Josh Stech, the vice president of business at Lending Home; Joshua Naussbaum, the founder of Compound VC; and Tyler Gaffney, the CEO of Entrepid, also participated according to a statement by the venture-studio Axiom Zen.

cryptokitties

Also read: IBM To Launch Blockchain Computer To Track Devices And Objects

In the CryptoKitties game, players can buy kitten with Ether, breed cats, which have different visual features and sell their offspring. According to web data tracker ETH Gas Station. CryptoKitties accounted for 11% of all transactions on the network last December. It has gained more than 1.5 million users. And AxiomZen said fans have carried out more than $40 million in transactions. While some of the game’s most popular cats were sold for more than $200,000. CryptoKitties got so popular that they accounted for as much as 30% of the volume of trading in Ethereum, one of the more popular cryptocurrencies.

Bryce Bladon, CryptoKitties cofounder said earlier in an email: “CryptoKitties are not cryptocurrency, and local regulators have confirmed that they are not classified as a security.”


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