Param Labs, a Web3 gaming company based in the UAE, successfully concluded a $7 million fundraising round led by Animoca Brands.
The $7 million fundraising round headed by Animoca Brands, which included participation from Delphi Ventures and Cypher Capital, was successfully concluded by Web3 gaming company Param Labs.
The business began producing its first game, a play-to-earn multiplayer shooter called “Kiraverse,” in 2021. “Pixel-to-Poly,” its second title, has been in development since 2023.
The native token $PARAM, which Param Labs plans to introduce soon, will govern the new gaming ecosystem. This fundraiser coincides with its launch.
Param, a gaming ecosystem based in the United Arab Emirates, says its emphasis is on creating AAA multiplayer blockchain games and the technology that makes them easy to play.
A statement on the studio’s website states that we are “an independent game and technology development studio, specializing in multiplayer blockchain games, AAA design, and innovative technology development.”
In order to bring user-generated value, digital ownership of gaming assets, and distinctive gaming experiences to the mainstream, Param claims that its platform aims to seamlessly connect the worlds of Web2 and Web3.
It also emphasizes that its products facilitate the seamless onboarding of millions of new users to Web3.
Yat Siu, the co-founder and executive chairman of Animoca Brands and a strategic investor in Param Labs, released the following statement in response to the news: “This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets.”