QUICK TAKE

• Pixelverse recently raised $2 million from venture capital firms and private investors, bringing its total raised to$7.5 million.
• The gaming ecosystem is planning a token generation event (TGE) for this summer. 

Not long after launching a Telegram-based crypto game, Pixelverse has raised an additional $2 million from venture capital firms and private investors, according to a statement. 

Galaxy Interactive, Crit Ventures, and Arc Community participated in the raise alongside individual investors well known within the world of crypto like Alex Kruger, Luke Belmar, Mike Dudas and the pseudonymous Coco Bear, the statement said.

“We are expanding into Pixelverse media and several product lines to ensure the long-term sustainability and profitability of our operations,” Pixelverse co-founder and COO Kori Leon said in the statement. “This fundraising will support our growth right before our TGE which is coming this summer.”

To date, Pixelverse has raised $7.5 million. Other backers of the Web3 gaming project include Delphi Ventures, Merit Circle and Mechanism Capital.

“Pixelverse’s quest-based cyberpunk browser and Telegram games have recorded over 70 million registered users and 13 million daily active users,” the project also said in its statement. The fledgling gaming ecosystem’s developers recently released PixelTap, a tap-to-earn game that uses the TON blockchain and is accessible through the Telegram messaging app.

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Telegram clicker games

Telegram clicker games utilizing the TON blockchain, where players can earn in-game rewards, have garnered attention recently thanks to titles like Hamster Kombat and Notcoin. Hamster Kombat claims to have more than 250 million users, although the total likely includes an undetermined number of bots.

The TON blockchain was initially called the Telegram Open Network when launched by the messaging app. Telegram, popular among the crypto community, is closing in on 1 billion users.

Mike Dudas is the co-founder and former CEO of The Block. He no longer has a financial interest in The Block.