Play-to-Earn Gaming Platform Vulcan Forged Raises $8M in Series A Funding
Blockchain gaming studio Vulcan Forged has secured Series A funding led by SkyBridge Capital, an investment firm founded by former White House Communications Director Anthony Scaramucci.
Vulcan announced in a press release the round raised $8 million, with the option to invest an additional $33 million.
The funding is aimed at accelerating the growth of Vulcan Forged “Metascapes,” a play-to-earn immersive metaverse game that allows its users to build their own land in the metaverse and store that data through non-fungible tokens (NFT). In addition, the funding will be used to grow Vulcan’s operations in North America as well as other markets. Currently, Vulcan Forged has about 15 games and decentralized applications (dapps), with about 200,000 users.
In a statement, the founder and CEO of Vulcan Forged, Jamie Thomson, said, "As we look to expand into new markets like North America and open our office in New York City, we believe that now is the perfect time to capitalize on our momentum with a strategic investment from Anthony Scaramucci and his team at SkyBridge Capital."
Last December, hackers stole 4.5 million PYR, the Vulcan platform’s native token, which at the time was worth about $140 million and represented nearly 9% of the token’s total supply. A day following the hack, Vulcan Forged refunded the $140 million to nearly all its investors.