Oasys, Japan’s gaming blockchain developer, raises $20M through private token sales

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Oasys, Japan's gaming blockchain developer, raises $20M through private token sales

Web3 is attracting veterans from the gaming industry. The trend is not likely to reverse, regardless of whether they are doing it because they fear missing out on the opportunity or out of genuine belief in the blockchain technology.

Oasys is a startup based in Japan and Singapore that has raised $20 million. Republic Capital led the round with participation from Jump Crypto and Crypto.com as well as Kucoin, Huobi, Kucoins, Gate.io, Bitbank and Mirana Ventures.

The capital was raised in a private token sale rather than an equity round. This “doesn’t dilute our equity in our project that we strongly believe in” and “allows me to reach a wider base of backers than a traditional fundraising event will,” Daiki Moriyama (director at Oasys) tells TechCrunch.

The founder team is deeply embedded in Japan’s gaming industry, but chose Singapore to be their second home due to Japan’s regulatory concerns regarding crypto assets. In recent years, Singapore has been recognized as Asia’s crypto hub.

Blockchain-based applications face many challenges, including slow transactions and high gas costs. These are the costs associated with adding a transaction to a blockchain. Solana and Avalanche infrastructure developers, Polygon, are working to make blockchain services more scaleable.

Oasys is just five months old and shares the same goal. Moriyama recommends that games in blockchain need to be highly scalable, with fast transactions and low, or even zero, fees for users.

Oasys, which focuses on blockchain games has attracted a number of well-known names from the gaming industry to “validator” its blockchain. The “proof of-stake” consensus method is used by the network, which is a less-energy-intensive option to the “proof of work” method in the Bitcoin blockchain. PoS is where a validator “takes” tokens in the network. He or she is responsible for validating data stored in the network. Read More

Oasys’s first validators are Bandai Namco Research; a research arm of the Japanese entertainment conglomerate SEGA; French games group Ubisoft, South Korean video gaming companies Netmarble and Wemade; and Yield Guild Games, an -backed outfit in Philippines that allows users to play games that earn tokens that can then be cashed out.

Oasys plans to eventually give more control to its community and move to a “decentralized autonomous organization”. A DAO is not like a traditional corporation that has a board of directors to direct its direction. Instead, it relies on smart contracts based on blockchain to make decisions.

Oasys will use the financial boost to expand its partnerships with digital asset exchanges and game developers. The company will also spend the money on marketing and business development, as well as hiring. It employs approximately 20 people in Singapore, Japan and South Korea.

Moriyama answered a question about possible collaborations with Oasys crypto exchange investors. “There is naturally a firewall between Oasys and the listing staff, but the fact the investment team has considered us worthy of investing in is likely be highly valued by Oasys.”

Oasys is working hard to list its tokens on multiple crypto exchanges.

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