Reddit co-founder leads $3.75m funding round for Horizon Blockchain Games

Horizon Blockchain Games has raised $3.75 million in a seed funding round led by Reddit co-founder Alex Ohanian and his Initialized Capital venture fund.

According to a recent press release, Golden Ventures, Polychain, Coinbase, Digital Currency Group, and Inovia Capital participated in the seed funding round alongside Ohanian’s venture fund.

Horizon Blockchain Games is a video game studio and blockchain infrastructure company aiming to usher in a new era for gaming. Enabled by blockchain technology, the company will give players the ability to truly own their in-game items and monetise them.

The studio has already developed an online game called ‘SkyWeaver’, which is currently in the private testing phase. The game builds on the ever-popular trading card genre by allowing players to own their digital cards and securely trade them on the Ethereum network.

“Peter (co-founder and CEO of Horizon) and the Horizon team have impressed me as a company with great passion to make blockchain meaningful for games,” said Ohanian.

“We are proud to have invested because not only do they have a long-term future vision with a desire to make a positive impact on society, they are a far-seeing video games company, making engaging experiences that will give players all the benefits of digital and physical worlds colliding.”

Horizon Blockchain Games has also created a blockchain gaming network dubbed ‘Arcadeum – the Crypto Arcade’.

It is built on the Ethereum network and will provide players with secure wallets to store their SkyWeaver assets in addition to assets from other blockchain-based games.

Arcadeum also serves as a browser for players to enter the new web and discover a range of Ethereum-based applications from video games to marketplaces.

Through its open source platform, Arcadeum will offer third-party developers the opportunity to bring their own blockchain games to the new web.

SkyWeaver is pegged to launch its open beta phase later this year following the private testing phase.

Interested in reading more blockchain gaming-related stories? Discover more about Ethereum officially adopting the ERC-1155 standard to make it permanent just one year after its inception.