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$200M Funding Round Gives Immutable A $2.5B Valuation

The Australian company Immutable recently closed a $200 million Series C funding round that resulted in the organization being given a $2.5 billion valuation. This financing round was led by Temasek with additional participation from Tencent and Animoca Brands.

Immutable said that it plans on using this money to significantly expand its team over the next 12 months. According to Decrypt, the company plans on hiring 200 new employees thanks to this funding round.

Immutable is the firm responsible for creating Immutable X, a layer-2 platform that operates on the Ethereum blockchain. Using Immutable X allows for significantly faster and cheaper transactions when compared to others done on Ethereum’s mainnet. These types of transactions also require much less power.

Immutable has been keeping itself busy as of late. The company recently announced that its Immutable X platform would be used to power GameStop’s upcoming NFT marketplace which is due to launch later this year. This entity will focus on the minting and trading of user-owned NFT items that have been designed for Ethereum-driven gaming experiences.

(All information was provided by Decrypt)

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