EOSIO Fund & OKCoin Invest in Mythical Games Startup

Mythical Games will use the fresh capital to develop its forthcoming DLT-powered gaming platform.

Mythical Games, a blockchain gaming startup, has raised $16 million in a Series A funding round led by Digital Galaxy, the venture company of US billionaire Michael Novogratz. Cryptocurrency exchange OKCoin as well as VC firms Javelin Venture Partners, Fenbushi, and Noris have also participated in the fundraising procedure, Mythical Games said in a press release on Friday.

Digital Galaxy invested in the startup through its special EOSIO fund, which is a joint venture between Novogratz and Block.one, the body that develops the EOS (EOS) virtual coin and EOSIO blockchain. Mythical Games will initially implement the Block.one distributed ledger technology (DLT) in its upcoming platform. The firm plans to use the proceeds to launch its first own and co-produced games.

“We believe that gaming - and specifically players’ interaction with in-game economies and virtual goods – will play a key role in how the masses first discover the true potential of the blockchain,” Novogratz said in the press release.

Los Angeles-based Mythical Games was founded earlier this year by John Linden and Jamie Jackson, senior managers at Activision, which is one of the largest video game publishers worldwide. The startup’s staff have worked in a variety of gaming projects in the past including Call of Duty, World of Warcraft, Guitar Hero Live, Marvel Strike Force and Skylanders.

The Mythical Games founders decided to leave the traditional gaming industry and delve into the blockchain world as it enables the creation of a decentralized economy where gamers, developers, content creators, and brands can cooperate freely with their own rules. The company will develop a DLT ecosystem, which should reward users with tokens, but there is no available information yet on the coins’ distribution rules.

Blockchain, the technology that underpins cryptocurrency like Bitcoin (BTC), has been utilized in several gaming projects with the aim to bring transparency and higher trust by tracking all activities and making them available to the stakeholders. In September, Cocos-BCX gaming company raised $40 million from several investors including Binance Labs and NEO Global Capital.