Tiv, an esports payment platform, recently unveiled it secured $3.5 million in the company’s latest seed round of funding. This round was led by 4490 Ventures.
“The founders here have deep, deep gaming expertise. They’re not looking to us for gaming expertise,” said Malcolm Thorne of 4490 Ventures. “I do think there are some interesting trends that are emerging from the gaming industry. And clearly, we sort of migrated from this world of physical media to completely online. So this movement to digitize everything in the gaming world is creating new opportunities for new business models.”
The organization will work to provide users with virtual and physical payment cards. Once given out, these cards can be linked up to enable cross-platform gaming.
The platform will also capture time spent gaming as well as various other achievements accomplished by the user. These achievements can be used to increase the cardholder’s reward rate.
(All information was provided by crunchbase news)