MatchboxDAO raises $7.5 million to build projects on StarkNet

MatchboxDAO will use the funding to continue developing on-chain gaming on StarkNet.

Aug 21, 2022
by Michael
MatchboxDAO raises $7.5 million to build projects on StarkNet
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MatchboxDAO raises $7.5 million

The Starkware-based on-gaming company, MatchboxDAO, has raised $7.5 million to continue upgrading games built on the Ethereum scaler StarkNet. STarkNet is a scaling solution built by Starware, and it uses rollups that move activities off-chain to ease congestion. 

This funding is the first round, and participants include top blockchain investors like ReadyPlayerDAO, Neon DAO, Road Capital, Bonfire Union, Geometry Research, Starkware, and Formless Gamma. 

Uri Kolodny, StarkWare's co-founder and CEO, said, 

"Matchbox is helping new gaming apps to set foot in expanding the gaming realm of the StarkNet ecosystem. Their support and mentorship for game builders are an important contribution for StarkNet."

The CEO of Matchbox's Foundation, Yonatan Ben-Shimon, said, 

"Matchbox is on the route to building the next wave of infrastructure for the next-gen of games. Composable games and Dapps that empower devs and creators as well as hundreds of millions of users."

Matchbox Will Use the Fund to Develop Its Core Products

This fund will be used to develop two important products of MatchboxDAO: Matchbox Spark and Matchbox Studios. Matchbox Spark, a structure that incubates gaming products on Starknet, has been happening for a few weeks, but a new structure will be implemented to get more traction. Matchbox Studios is a development tools kit that will bring progress to game development on the StarkNet and is coming soon. 

Gamers must pay gas fees if they want to tokenize in-game assets on the blockchain. However, because the Ethereum gas fee is very high, executing transactions for scalable gaming applications is not feasible. Layer-2 solutions like Starkware will provide cheap and affordable transaction rates, bringing sustainable development. 

Ben-Shimon also commented, 

"The privacy of ZKP is definitely why we wanted to be on StarkNet," "Having the possibility to hide information but to prove its existence on-chain is one of the major innovations for on-chain games."

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