Binance Labs Among Investors in Funding Round for Community Gaming

The Series A funding round led by SoftBank saw some influential crypto space names involved in the investor series.

$16M Series A Fundraiser

Community Gaming closed a $16 million fundraiser through an investor round that included some big names such as Binance Labs and Animoca Brands. 

Among the other investors, announced in the April 7 press release, are BITKRAFT Ventures, Griffin Gaming Partners, Polygon Studios, ConsenSys Mesh, CoinFund, Hased, Multicoin Capital, Shima Capital, Axie Infinity co-founder Jeff Zirlin and Yield Guild Games co-founder Gabby Dizon. 

“Community Gaming’s position at the intersection of esports and blockchain technology grants us a tremendous opportunity to lead the growing conversation around gaming in web3,” says Chris Gonsalves, CEO of Community Gaming. “These resources will allow us to further support ‘Earnings for Everyone’ systems that reward action and time, a re-imagining of the social contract of work as people look for new ways to create supplemental income through gaming.”

Community Gaming started off as an in-person competitive esports and gaming tournament operator before transitioning to a hybrid platform that now includes online in addition to in-person. Adding to the uniqueness of these events is the use of blockchain-based smart contracts that allows for a seamless experience from sign-up to payouts. Among Community Gaming’s accomplishments is reaching 100,000 users before the end of Q1 in 2022. 

PlayToEarn Gaming Explosion

‘Earnings for Everyone’ is an approach Community Gaming is rolling out that will allow for passive income through blockchain gamified quests. As esports is very much a competitive space with skill-based ranking, this mechanism will reward other users for time invested on the platform without necessarily factoring in skill rank. 

The funding will see further expansion of Community Gaming offerings into Latin America and Southeast Asia. With gaming exploding in popularity over the last several years––as a result of physical covid lockdowns––the market for new gaming experiences and offerings is strong. 

“We’re excited to partner with Chris and the Community Gaming team who are building Web3 gaming infrastructure to disrupt traditional games as well as crypto gaming industry,” said Benjamin Lizana, investment leader at SoftBank Latin America Fund. “We recognize strong tailwinds for the crypto gaming infrastructure space globally and are excited by the pace at which it has gained traction in Latin America, where Brazil ranks highly on gaming infrastructure usage. We look forward to continue supporting CG in their expansion.” 

Community Gaming will be donating a percentage of the funding to its Play2Earn (P2E) foundation, a nonprofit organization that supports grassroots gaming for low income communities globally. P2E has provided over $100,000 in grants to date. 

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What is Community Gaming:

Community Gaming bills itself as an all-in-one esports tournament platform, providing key industry stakeholders with cutting-edge infrastructure. The platform provides players, competition organizers, and game creators with the resources they need to build, coordinate, and participate in esports competitions with its seamless UX and highly scalable and efficient blockchain payment technology. Community Gaming believes in Earnings for Everyone, in which the vast profits of the esports and gaming industries are decentralized and available using web3 technology to reward action and time. They believe people who enjoy games, regardless of skill level, should have a solid way to augment their present income through gaming.

Where to find Community Gaming:

Website | Twitter | Discord | Instagram | Facebook |

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What is SoftBank Group:

The SoftBank Group positions itself as a global investor in innovative technology that will improve people’s lives. The SoftBank Group is made up of SoftBank Group Corp. (TOKYO: 9984), an investment holding company with stakes in telecommunications, internet services, AI, smart robotics, IoT, and clean energy technology providers; the SoftBank Vision Funds, which are investing more than US$135 billion to help extraordinary entrepreneurs transform industries and shape new ones; the US$5 billion SoftBank Latin America Fund, the region’s largest venture fund; and the recently-launched SoftBank Asia Pacific Fund.

To learn more, please visit group.softbank/en.

Source : bsc.news