iCandy Interactive Limited (ASX:ICI) Secures US$4m Seed Funding
Funding Overview
iCandy Interactive Limited (ASX: ICI) announced a successful completion of a US$4 million seed funding round for its Web3 Layer 2 network joint venture, ZKCandy. The funding was led by prominent Web3 institutional investors, including Wemix Pte. Ltd. and Animoca Ventures. The round also attracted participation from various angel investors and contributors in the Web3 technology sector.
Project Highlights
The recent funding follows ZKCandy’s open-testnet phase, which successfully created over 2.4 million wallets within two weeks. This early achievement demonstrates ZKCandy’s potential to engage a diverse gaming audience through its unique integration of EVM-compatible games within Telegram. The venture aims to establish an active and robust ecosystem for gaming developers and players alike.
Future Prospects
ZKCandy plans to utilise the newly acquired funds for technology enhancements, developing new features, and preparing for a mainnet launch anticipated in the first half of 2025. The venture also aims to cultivate partnerships, support AAA game titles, and streamline the user experience. Currently, ZKCandy has over 25 game titles in various development stages.
Management Insights
The management of iCandy acknowledged the seed funding as a positive development for the company, which may enhance its financial performance in the future. However, they stated it is currently impossible to quantify the financial impact this funding will have on iCandy’s own financial metrics. ZKCandy will be accounted for using the equity method.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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