Cryptocurrencies

Crypto Game Surge Lures Australia’s Carnegie on Play-to-Earn

Crypto Gaming United raised $5 million in seed funding round
Group has 1,500 players with nearly 40,000 waiting to join

WATCH: Mark Carnegie, founding partner of venture capital firm M. H. Carnegie, discusses the prospects for the crypto market.(Source: Bloomberg)

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By Adam Haigh and Nabila Ahmed

September 8, 2021 at 2:00 PM UTC

Updated on

September 8, 2021 at 8:42 PM UTC

This article is for subscribers only.

Venture-capital investor Mark Carnegie is backing the nascent play-to-earn cryptocurrency market through Crypto Gaming United, a coalition of more than 1,500 players that he expects will grow to 100,000 over the next 18 months.

Crypto Gaming United raised $5 million in a seed funding round that was oversubscribed, Carnegie said in an interview Wednesday. The majority of the players are based in the Philippines, where many users of the popular Axie Infinity game for tradable tokens currently reside, with some also coming from countries including Indonesia, South Africa and India.