Japanese Gaming Blockchain Producer Oasys Raises $20M in Private Token Sale

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Veterans from the established gaming world are flocking to web3. Whether they are doing it out of fear of missing out or sincerely believe in blockchain technology, this trend seems irreversible, at least for now, as investment continues to pour into the industry.

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Oasys, a startup from Japan and Singapore that builds a blockchain for game developers, just raised $20 million. The round was led by Republic Capital with participation from Jump Crypto, Crypto.com, Huobi, Kucoin, Gate.io, Bitbank and Mirana Ventures.

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Instead of a traditional equity round, the capital came in the form of a private token sale that “does not dilute the equity of our project, which we strongly believe in” and “allows us to reach a wider supporter base than a traditional fundraiser. Daiki Moriyama, director of Oasys, told TechCrunch.

Founding Team deeply rooted in the Japanese gaming industry but chose Singapore as another home for the firm because Japan “has regulatory issues with crypto assets,” says the chief executive. Singapore has turned into a crypto hub in Asia in recent years.

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Some of the biggest hurdles that blockchain-based applications face are slow transactions and high gas fees, the costs associated with adding a transaction to the blockchain. Infrastructure developers such as Solana, Avalanche and Polygon are trying to make blockchain services more scalable.

Oasys, just five months old, shares the same goal. For most games to be “fun” or “good” on the blockchain, Moriyama said, they need to be highly scalable, with high transaction speeds, and low or no gas fees for users.

With a focus on blockchain games, Oasys has enlisted a list of well-known names in the gaming world to become “validators” on their blockchain. The network uses a proof-of-stake consensus mechanism, a less energy-intensive alternative to the proof-of-work method used on the Bitcoin chain. In PoS, the validator “stakes” their tokens on the network and is responsible for ensuring the validity of the data stored on the network.

The first Oasys validators include Bandai Namco Research, the research division of a Japanese entertainment conglomerate; SEGA, the Japanese console giant; French gaming group Ubisoft; South Korean video game companies Netmarble, Wemade and Com2uS; as well as Yield Guild Games, backed by a16z in the Philippines, which allows users to play games to earn cashable tokens.

Ultimately, Oasys hopes to give its community more governance power and move towards a so-called decentralized autonomous organization. Unlike a traditional corporation with a board of directors that determines the direction of the firm, a DAO has no central authority and relies on blockchain-based smart contracts to execute community-agreed decisions.

With the new financial injection, Oasys plans to strengthen partnerships with game developers, digital asset exchanges, and other players in the gaming and crypto industries. He will also spend money on marketing, business development and recruitment. The company has about 20 employees in Singapore, Japan, South Korea and the United States.

When asked about potential collaborations with investors from the Oasys cryptocurrency exchange, Moriyama explains, “Naturally, there is a firewall between the investment team and the listing team, but the fact that the investment team considered us worthy of the investment is likely to be highly valued by the listing. team as a result.

Oasys is actively working on listing its tokens on several crypto exchanges.

Credit: techcrunch.com /

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