Guild Wars publisher NCSoft invests $15 million in Web3 infrastructure company Mysten Labs

The investment is part of a $300 million Series B funding round that will help Mysten Labs in developing the Sui Layer 1 blockchain.

Nov 9, 2022
by Dragan
Guild Wars publisher NCSoft invests $15 million in Web3 infrastructure company Mysten Labs
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South Korean publisher NCSoft has formed a strategic partnership with Mysten Labs, a Web3 infrastructure company developing the Sui Layer 1 blockchain, and with that has invested $15 million into the blockchain-focused developer.

The raise is part of the developer’s $300 million Series B funding round led by FTX Ventures, putting them at a valuation of more than $2 billion. This round was held in September this year, with the financing set to be used for developing the Sui blockchain, a decentralized Proof-of-Stake (PoS) network designed for building blockchain games and other dApps while providing a user-friendly experience. The partnership between the two sides will see them collaborate to “create digital entertainment experiences that are more engaging and player centric leveraging Sui.”

Other participants of the Series B round include a16z crypto, Binance Labs, Coinbase Ventures, Lightspeed Venture Partners, Circle Ventures, Apollo, Jump Crypto, Sino Global, Greenoaks Capital, Dentsu Ventures, O’Leary Ventures and other unnamed investment firms.

The President and Chief Strategy Officer of NCSoft, Dr. Songyee Yoon, said the following in a press release:

“Blockchain technology has the potential to create novel and innovative player experiences. We are excited to partner with Mysten, who shares our vision for the technology as a platform for truly distributed player centric economy, passion for community building, and trustworthy technology which is crucial for those who desire to build a platform of desired scale and reach.”

NCSOFT is one of the biggest gaming companies in Asia, known for franchises such as Guild Wars, Lineage, Aion and Blade & Soul.

The Co-Founder and Chief Executive Officer of Mysten Labs, Evan Cheng, added:

“NCSOFT is a storied name in gaming with a rich legacy of building fun, innovative experiences that have attracted millions of loyal players worldwide. We are grateful for NCSOFT’s financial support and partnership, which is a strong testament to the power of Sui as the definitive blockchain for gaming applications.”

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