Blockchain games startup EON Foundation secures $5 million in seed funding

EON Foundation, the blockchain games startup and publisher of the Crypto Alpaca crypto-pet game, announced Thursday that it had secured $5M in seed funding for the development of its distributed blockchain video gaming platform.

The funding was led by Cherubic Ventures, Wei Guo (partner of UpHonest Capital) and Feng Li (an early investor in Ripple and Coinbase).

Founded in Singapore and with offices in Palo Alto, The EON Network, as it will be called, aspires to provide a cheaper, faster and decentralized way for developers to create new games and reach new audiences globally. It will offer new ways of rewarding gamers and developers through incentives via the network’s native EON token, and it will strive to minimize dependence on middlemen that currently exist in the game publishing industry. The EON Network will be launching in early 2019.

“Our goal is to be the number one blockchain game publisher in the world,” said Aron Lyu, EON Foundation’s CEO and co-founder. “Common publishing considerations like maximizing profit or finding an audience are totally different on blockchain. We’ve built successful blockchain games and now we want to help other developers thrive in this emerging market.”

Games that integrate EON Protocol will use EON Foundation’s token, EON. They are also building a decentralized game network, the EON Network.

EON Foundation’s first game, Crypto Alpaca, launched earlier this year and already has over 200,000 registrations. Crypto Alpaca is a decentralized pet-raising simulation game where you can adopt and breed alpacas. While existing crypto games are largely driven by community-assigned value based on personal aesthetic choices, Crypto Alpaca has a fiber-collection mechanic where you earn rewards based on your participation in the game. Unlike other pet simulation games, you can foster your ‘pet’ alpaca to increase it’s real-world value.

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