Crypto-based gaming startup Kandle raises $1.7 million in seed funding round

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Singapore-based crypto gaming startup Kandle has raised $1.7 million in a seed funding round for GameFi project. The round was led by Saama with participation from Good Capital, PointOne Capital, Cloud Capital, Seeders Fund, Founder’s Room, and CoinDCX CEO Sumit Gupta.

GameFi is a blockchain-based platform for gaming and decentralised finance that lets users earn cryptocurrency by just playing games on the blockchain network. Players can also trade their virtual gaming items on NFT marketplaces and crypto exchanges.

Kandle has already established its presence in Indonesia, Vietnam, Nigeria and India. The company is currently planning to expand further across Asia and North America.

“There is a massive opportunity at the intersection of gaming and crypto, and we’re excited to be at the forefront of this evolution in crypto fantasy gaming. Super grateful for the unwavering support of our investors as we forge ahead in bringing the vision of Kandle to fruition,” said founder Jaideep Yadav as quoted by The Economic Times.

The biggest complaint of players when it comes to Web3 gaming is lack of proper gameplay. To address this, Yadav said that the company has built “a fully functioning sustainable gaming product based on sound gaming principles.”

Another major issue in Web3 gaming is security. “By intermarrying gamification and Web3 with a successful product trial, Kandle plans to integrate smart contracts to ensure that games are transparent, secure, and fair,” Yadav added on the matter.

Speaking about the same, managing partner at Saama, Ash Lilani said, “As the crypto industry continues to evolve, we must make it safe and free from the fear of outsized risk for the next tranche of users. Kandle’s gamified approach does exactly that — it offers a unique and timely tool for users to engage with crypto, without taking direct exposure to any of the coins.”