Crypto exchange FTX US to launch its gaming unit

Crypto exchange FTX is starting its own gaming unit focused on encouraging gaming studios to use crypto, blockchain technology, and NFTs. The company aims to the 2 billion-plus gamers market around the world, who can now collect and own digital items.

Crypto exchange FTX’s US affiliate has announced the launch of a gaming unit called FTX Gaming, according to a Bloomberg report on Monday.

“We are launching FTX Gaming because we see games as an exciting use case for crypto. There are two billion-plus gamers in the world who have played with and collected digital items, and can now also own them,” an FTX spokesperson told Bloomberg.

FTX Gaming will launch gaming tokens, offer NFT support, and is already set to hire software engineers as early as this month.

Recently, FTX announced it would be co-investing – alongside Lightspeed Venture Partners and Solana Ventures – $100 million into crypto gaming projects.

Amy Wu, previously a partner at Lightspeed, also joined the crypto exchange to lead FTX’s new $2 billion Web3 venture fund. At that time, Wu hinted at a white-label solution for games’ publishers to integrate various crypto components.

“We can provide all of that white-labeled for the largest gaming companies in the world, and new indie studios that are looking for a turnkey solution,” she said. “We’re super excited to be a major player in providing and being a technology vendor for the gaming industry.” The launch of FTX Gaming and its “crypto-as-a-service” platform appears to be precisely what Wu was referring to.

This news comes at a time when big players in the world of gaming continue to hunt down the best way to enter the crypto space.

In November, FTX also launched a $100 million blockchain gaming fund along with Solana Ventures and Lightspeed Venture Partners to invest in startups focused on building blockchain gaming studios. The blockchain gaming category has also been very popular among venture capitalists, having attracted billions of dollars worth of investments.

According to DappRadar, there were 398 active blockchain games as of January 2022, up 92% from a year previously.