Canadian Web3 infrastructure firm ChainSafe reportedly secured $18.75 million via fundraising, led by top-tier industry venture entities, setting the firm on the expansion path for its operations. 

Specifically, the funding reportedly came at a time when the demand for blockchain infrastructure and gaming services is heading in an upward trajectory.

The Series A round was led by venture entity Round13, and saw further participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. 

Per ChainSafe, the freshly secured funding would be dedicated towards assisting the development and adoption of Web3 technology.

ChainSafe’s founding team met at an Ethereum meetup in Toronto five years ago. Later that year, ChainSafe was established to run as a blockchain research and development entity. 

The agency primary concentrates on multichain R&D as well as other Web3 umbrella technologies, and has managed to build a software development kit linking games developed on the Unity platform to the blockchain.

After the release of CryptoKitties in 2017, the connection between gaming and blockchain has only grown more intimate. The market capitalization of blockchain games was approximately $25 billion at the beginning of this year. 

While crypto market capitalization has suffered from a downturn throughout the last six months – which has caused effects on the blockchain gaming sphere – venture capital carries on its heavy investment in the sector. 

Per insights from DappRadar, blockchain games and metaverse initiatives reeled in $1.3 billion in venture financing in the third quarter solely.