Square Enix is ​​investing up to $35 million in a Bitcoin startup

FINAL Fantasy creator and publisher Square Enix has invested up to $35 million (about £30 million) in a Bitcoin startup.

The move comes just two months after the company sold some of its studios and popular gaming franchises.

The Tomb Raider franchise was reportedly sold to raise funds

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The Tomb Raider franchise was reportedly sold to raise fundsPhoto credit: Square Enix

Embracer Group bought three studios from Square Enix; Crystal Dynamics, Eidos Montréal and Square Enix Montréal for $300 million (£250 million).

Together with the employees, the group acquired a number of successful IPs from the publisher.

The Thief, Deus Ex, Legacy of Kain, and Tomb Raider franchises are now all part of the Embracer Group.

Square Enix was rumored to be liquidating some of its assets to invest in the blockchain and cryptocurrency markets.

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According to a report by decryptthe blockchain gaming startup Zebedee, raised $35 million in its latest investor round, with Square Enix being the most prominent investor.

It’s unclear how much Square Enix contributed; it is probably a significant part of the total.

Zebedee’s platform allows developers to integrate cryptocurrency micropayments into their games.

This means players can earn and receive small amounts of Bitcoin for participating in in-game events.

Another way Zebedee integrates crypto into games is through gambling.

In 2021, the company unveiled a method it had developed to bet on the outcome of Counter Strike: Global Offensive games within the game.

So far, no major gaming companies have incorporated Zebedee’s software into their games.

It’s unclear if Square Enix will do this or just want to invest in the market.

Ubisoft was one of the first major companies to integrate blockchain into its games.

NFTs were released in Ghost Recon: Breakpoint in late 2021 via the Ubisoft Quartz program.

It appears the program was unsuccessful, and the company halted sales in March.

There was backlash to Ubisoft’s decision to include NFTs in its games, both from players and staff.

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Yosuke Matsuda, President of Square Enix, spoke positively about the integration of blockchains into games back in January.

He said, “By incorporating viable token economies into our games, we will enable self-sustaining game growth.”

Written by Georgina Young on behalf of GOOD LUCK AND HAVE FUN.

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https://www.thesun.ie/tech/9127572/square-enix-bitcoin-startup/ Square Enix is ​​investing up to $35 million in a Bitcoin startup

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