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Community Gaming announced that it has raised $ 16 million in its latest round of funding. It plans to use the funds to expand its sports organization platform as well as its new “Earnings for All” award system.
The Community Gaming platform allows anyone to host their own sports tournament with a blockchain-based contract. Earlier this year, the community reached 100,000 users on its platform. The company is working on a major update that will allow users to earn revenue on the blockchain. Its “earnings for everyone” reward system will work through “Quests” which will “reward users for action and time with the platform instead of focusing only on the most skilled people in the competition.”
SoftBank Group’s SB Opportunity Fund led the round, which involved partners from Animoca Brands, Binance Labs, Bitkraft Ventures and Griffin Gaming Partners. Additional investors include CoinFund, Hashed, Multicoin Capital, Shima Capital, Polygon Studios and others.
Chris Gonsalves, CEO of Community Gaming, said in a statement: “The position of community gaming at the intersection of sports and blockchain technology gives us a tremendous opportunity to lead the growing conversation around gaming in web3. These resources will allow us to further support ‘earn for everyone’ systems that reward action and time, redefining the social contract of work as people look for new ways to generate complementary income through gaming. “
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