- Immutable has raised $ 60 million in a Series B funding round, led by BITKRAFT and King River Capital.
- The project has now raised $ 77.5 million to expand its world-class carbon neutral NFT projects on Et hereum.
Immutable announced the successful completion of a Series B funding round in which it raised $ 60 million. Layer 2 scalability protocol for non-fungible tokens has now raised $ 77.5 million in total funding and will channel the latest funding to scale its NFT games and strengthen global partnerships.
The latest round was led by BITKRAFT, a venture capital firm with over $ 475 million in assets under management and a portfolio of over 50 companies. King River Capital, a company that has invested in successful startups such as FinClear and Sentropy also co-led the round.
The otherss investors include Alameda Research, the company founded by CEO of FTX and cryptocurrency billionaire Sam Bankman-Fried ; Apex Capi tal, Reinventure, AirTree Ventures, Prosus Ventures, Galaxy Interactive and Fabric Ventures.
In its press release, Immutable revealed its intention to channel funds to some of its successful products and develop.
There is no doubt that Ethereum is the home of NFT. While other projects like Solana and now Cardano have attempted to tackle this market, the best altcoin project still reigns supreme. However, Ethereum is hampered by high fees and slow transactions. This has led many people to turn to Layer 2 scaling solutions that allow them to continue using Ethereum while avoiding the inconvenience.
Immutable has established itself as one of the Layer 2 NFT solutions to monitor. Boasting 9,000 transactions per second, zero gas fees for creating or trading NFTs, and instant transactions, Immutable allows users to enter the lucrative NFT industry while remaining completely carbon neutral.
The project scaling protocol, known as Immutable X, is built with StarkWare's zero knowledge accumulation, " capable of massive scalability without compromising security.
Robbie Ferguson, co-founder of Immutable, noted: