Immutable raised $ 60 million in the second round of funding from companies such as Alameda Research and Bitkraft Ventures.
Immutable was also able to convince in its second financing round. Led by Bitkraft Ventures and King River Capital, the Australian start-up will now receive 60 million US dollars. This should allow the goal of “making trading Ethereum NFT even easier than trading traditional assets” to be pursued.
The Ethereum ecosystem
Immutable is convinced that it has set a milestone with the 2-layer protocol Immutable X in order to build a basic, global infrastructure for the distribution and exchange of NFT assets in the Ethereum ecosystem.
The co-founder of Immutable Robbie Ferguson formulates the goals of the company, due to the unsatisfactory offer in his eyes.
In order to make the offer cheaper, faster and more efficient, the company uses the website after a Zero-Knowledge-Proof (ZK). This means that thousands of the off-chain trades are summarized in one proof that guarantees the validity of them. The evidence is then published on-chain, where it is verified by a smart contract. According to Immutable, the assets of the on-chain users are kept in smart contracts during the processes. They can therefore only be released if a valid proof including them has been published in a batch. As a result, there should be no gas fees and almost 9,000 transactions per second for ERC-20 and ERC-721 tokens should be guaranteed.
What does this have to do with carbon neutrality?
To ensure carbon neutrality, Immutable claims to do two things. On the one hand, the company undertakes to buy CO₂ certificates for the CO₂ emissions of all NFT assets, marketplaces and games on its platform. Secondly, by combining the creation and trading activities in the ZK validity certificate, less gas and therefore less energy is required.
What the money for
The company, which was founded in 2019, wants to use the money to expand its technical and sales team. They also want to expand their collaboration with gaming companies and develop NFT-based games. These include the blockchain-based trading card game Gods Unchained , which was developed by Immutable 2019. The game Guild of Guardians should also be further improved.