Oasys Raises $20M from Token Sales to Support the Growth of its Blockchain Gaming Platform
The startup has secured $20M in a private token sale to achieve its objective of creating blockchain-based solutions for game developers.
Top Japan- and Singapore-based startup Oasys is one of the latest companies that have entered the blockchain gaming industry. The startup is creating a blockchain platform for gaming developers and has just closed $20 million in a private token sale. The investment was led by Republic Capital, with participation from Huobi, Kucoin, Bitbank, Mirana, Gate.io, Jump Crypto, and Crypto.com.
A director at Oasys, Daiki Moriyama, commented that using a private token sale instead of the usual equity round guarantees the project's equity is not diluted and actually allowed Oasys to reach more investors than the traditional equity round.
Oasys was deeply interested in the Japanese gaming industry but sources Singapore as a complementary option as Japan had regulatory concerns for crypto assets. Meanwhile, Singapore has blossomed as a crypto hub in recent years.
Oasys Will Be a Scalable Network
Slow transactions and high gas fees are some of the problems with the blockchain, and developers like Avalanche, Polygon, and Solana are already working on it. Five-month-old Oasys shares this view and will work towards a highly scalable network.
The network uses a Point-of-stake consensus mechanism that is less energy-intensive than the popular proof-of-work used by Bitcoin. In addition, the game allows popular gaming platforms to be validators so they can stake their tokens and contribute to security.
The company hopes to delegate more power to its community and strengthen partnerships with game developers and other stakeholders in the blockchain gaming industry. It also hopes to spend more funds on hiring, marketing, and business development.