Yield Guild Games Southeast Asia (YGG SEA), a subDAO (sub-decentralized autonomous organization) of Yield Guild Games, the Philippines-based blockchain gaming giant, has raised $15 million in two different private funding rounds, CryptoAdvisor learned from a press release.
The funds will be used to accelerate the adoption of play-to-earn gaming in Southeast Asia.
Participation from Crypto.com, Animoca Brands, and more
The first round was led by YGG and Infinity Ventures Crypto (IVC), and the second attracted big names like Crypto.com Capital, Animoca Brands, Jump Capital, Sembrani Kiqani, Circle, MindWorks Ventures, Poloniex, Digital Currency Group, Hashed, United Overseas Bank (UOB) Venture Management, Arca Funds, Polygon, Bukalapak, and many more.
Animoca Brands CEO Robby Yung commented:
As an investor in YGG, Animoca Brands is a supporter of the YGG SEA team, its business model, and its regional focus. We believe YGG SEA will strongly contribute to onboarding players to blockchain across South East Asia.
YGG SEA and other subDAOs build the core of YGG’s expansion strategy worldwide as they have the local networks and know-how. To achieve fast and sustainable expansion, having regional subDAOs is of paramount importance, including to overall YGG ecosystem development.
A bridge to Web3 via GameFi
The goal of the YGG ecosystem is to close the gap between the Web2 community and Web3 via GameFi and to onboard players.
YGG SEA is also committed to supporting regional play-to-earn games. They want to obtain NFTs that are uniquely suited to the interests and needs of their player base. YGG SEA is helping locally developed play-to-earn games go global.
Crypto.com Capital Managing Director Bobby Bao added:
Crypto.com Capital is pleased to support the launch of YGG’s first ever subDAO — YGG SEA — in its private funding round. We believe that Southeast Asia will continue to be the largest market globally for play-to-earn operators, and that YGG SEA — with its operational expertise spanning from YGG and its in-country teams — will continue to hold the lion’s share of high-quality scholars in the region.
Essentially, YGG operates like a guild. It acquires yield-generating digital assets from different games and lends them to players affordably. Then, a part of in-game rewards accumulated is shared with YGG.