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$30 Million Blockchain VC Fund for Game Maker

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Gumi, which is behind popular games such as Brave Frontier, has raised $30 million to launch a global venture capital fund that will invest in cryptocurrency and blockchain technology startups.
In a statement posted on its Japanese website, Gumi said, entertainment company Voyage Group, Korean games maker YJM Games Co, and other major domestic financial institutions have invested in the fund dubbed Gumi Cryptos. The fund is co-headed by Hironai Kunimitsu, founder and CEO of Tokyo-based Gumi, and Hironao Kunimitsu, founder of US-based virtual currency exchange Evercoin. “Gumi Cryptos offers its portfolio companies a strategic venture capital investment partner with unique access to the Japan cryptocurrency market through its network of investors and management board,” according to a statement on the fund’s website.
Among the first projects that are funded by Gumi Cryptos are video delivery platform Theta, virtual marketplace provider Wax, blockchain-based video game distributor and reseller Robot Cache, cryptocurrency Basis, Ethereum-based sweepstakes platform Pryze, and Origin, a protocol for creating sharing economy marketplaces using the Ethereum blockchain and IPFS. In a statement, Kunimitsu said Gumi decided to create a fund that enables the company to engage more directly with early-stage blockchain and cryptocurrency startups. “The purpose of our entry into the virtual currency / blockchain business is in line with our management vision of becoming the world’s No 1 entertainment enterprise in the information revolution era,” Gumi said. The company said, it will continue to develop and operate mobile and online games, invest in content development and in leading augmented and virtual reality firms. Globally, the cryptocurrency market rose about $300 billion for the first time in November 2017 and the appetite for digital currencies keeps on rising, according to industry website coinmmerketcap.com.
Singapore has emerged as the third largest initial coin offer (ICO) market globally after the US and Switzerland and the leading hub for ICO activity in Asia, as part of a larger disruption to the venture capital sector. In Japan, the Consumer Affairs Agency said Japanese consumers filed over three times the number of inquiries about cryptocurrency trading and initial coin offerings in 2017 as compared to the previous year.

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