Immutable and Kongregate Unveil a $40M Fund Aimed at Blockchain-based Games

Ethereum startup Immutable and gaming portal Kongregate have jointly launched a $40 million fund that has been specially created to support the development of blockchain games, Venturebeat has reported.

The structure reportedly consists of a pool of IMX tokens, which will act as grants for blockchain game integration on Kongregate.com.

IMX could somehow be considered as the “Stripe for NFTs,” as it allows gas-free issuance and trading of non-fungible tokens in Immutable X L2 solution, which is based on the Ethereum network.

Kongregate has reported that the funds will help the company rebrand and further position itself as a Web3 gaming-focused portal.