Vietnam’s blockchain-based gamehub Whydah has successfully raised $25 million from prestigious investors including Hashkey, Eternity Ventures, Bitscale, Youbi, Morningstar Ventures, Kardia Ventures, Formless Capital, Axia 8 Ventures, Polkastarter, Good Guild Game, and Mask Network.
This move comes shortly after Whydah officially cooperated with the seven largest game studios in Vietnam, announced the orientation to become a leading company applying blockchain for studio games. The seven leading game studios include Topebox, Wolffun Game, IMBA Game, Hiker Games, Divmob, 1B Game Studio, KEIG Studio.
“In the wake of the Metaverse trend, there will be an increasing number of institutions stepping in the space. We are positioning ourselves amongst the vanguards who fight for the open of such Metaverse. We aim to drive the gaming resources of Vietnam towards the right direction, to support a universal standard and to join a decentralised interconnected world,” Whydah Founder and Chief Executive Officer Tri Pham said in a statement.
Whydah was founded by Tri Pham, who is one of the pioneers in building blockchain infrastructure and a visionary of open metaverse. The initiative of Iron Sail is created as a collective effort to contribute to the development of the blockchain gaming space.
Whydah is the first portfolio company of Decom Holdings Pte. Decom Holdings’s branch office in Singapore specializes in DEFI investment and solution consultation, providing their customers with secure and high-quality services.
Fundraising through Iron Sail is a hybrid initiative between venture capital and token sale in which institutional investors have access to a fundraising model that combines traditional and token fundraising. This model is considered an active special purpose acquisition company (SPAC) with a portfolio of the seven blockchain games.
Iron Sail’s goal is to move toward an open metaverse – a future where everyone and everything is connected together in both online and offline experiences. It also aims to make blockchain game development more accessible, sustainable and minimize risk for investors.
“Having access to a portfolio of games allows investors to minimize risk in each game. Another special feature of Iron Sail is that Decom Holdings will apply Chain of Custody Standard which will reduce the fraud risk and be the foundation for accessing more attractive hybrid fundraising models in the future,” said Duc Trung Phan, Chairman of Decom Holdings.
According to the statement, Whydah’s ambition is to become the world’s leading GameFi platform in the future. It is currently accelerating the development of the blockchain industry in Vietnam and Southeast Asia by providing game developers and users with the first compatible blockchain network in the region.
Cited statistics, it said more than 45 percent of Vietnamese gamers between the ages of 16 and 34 play video games every day, and Whydah will open a game application center for Vietnamese game developers to bring their best ideas to blockchain platforms.