The venture capital division of digital asset wallet, data and exchange company Blockchain.com has reportedly acquired a stake in blockchain game tech development company Enjin.
Blockchain Ventures’ management noted on October 22 that the recent investment makes it the first equity investor in Enjin’s gaming tech platform, which allows tokenized in-game items to be transferred across Ethereum-based titles developed on its platform.
Blockchain Ventures has not publicly shared the size of the investment.
Singapore-headquartered Enjin has created several applications to support its evolving ecosystem, which include a blockchain-based wallet, a collectibles marketplace, and a game-development platform that lets third-party developers include blockchain capabilities in their projects.
Blockchain.com’s blog post stated:
“[Enjin’s] team has worked to solve many of the issues with today’s gaming infrastructure by creating the full suite of tech required to enable an excellent on-chain gaming experience. This includes a feature-rich wallet, a block explorer and marketplace, airdrop product, and an Ethereum token standard (ERC-1155)—all designed from the ground up to enable blockchain-based games to be easily played, scaled, and enjoyed.”
Enjin’s token, enjincoin, surged 70% in March 2019, when reports surfaced that the company’s crypto wallet was part of the offerings on Samsung’s Galaxy S10 blockchain-enabled smartphone.
Blockchain Ventures’ management stated:
“The Enjin token economic model, where Enjin Coin (ENJ) is locked within virtual in-game items and non-fungible tokens (NFTs) is something we hadn’t seen before. This facilitates both the price discovery and value recovery that have been challenging for NFTs. “
For many years, Blockchain.com had been the leading bitcoin wallet and blockchain explorer services, however, it expanded its offerings by launching a new digital currency exchange, called the PIT, in July 2019. The company is now reportedly raising a $50 million crypto-focused venture capital fund.
Earlier this month, the developers of Blockchain.com revealed that they’re planning to introduce the wallet’s users to Blockstack’s network and more than 250 decentralized applications (dApps).