Hike funding

Jump Crypto, Tribe Capital, and Republic Crypto invest in Hike’s funding round

Consumer Internet start-up, Hike, has announced a new fundraising round from well-known web3 investors. Led by Jump Crypto, the round also saw participation from Tribe Capital and Republic Crypto’s Republic Capital.

The company did not disclose the funds raised by the three investors. However, he plans to use most of these funds to further develop his Rush Gaming (RGU) universe. According to the press note, RGU is a social gaming metaverse where users can use their skills to “play, win, and grow.”

According to Hike, in just 13 months since its launch, the Rush Gaming universe logs more than 160 million games every quarter, with more than $90 million in gross earnings per year from 1.8 million monthly active users (MAU ).

Hike’s press note states that gamers will be able to participate in a new type of gaming economy where they can not only play games but also generate digital assets based on the outcome of gameplay.

In an interaction with Activity area Kavin Bharti Mittal, Founder and CEO of Hike, said, “Blockchain will do for India what manufacturing did for China. Imagine if even 30% of the wealth generated by the country was in the hands of Indian citizens using technologies like blockchain. At RGU, players will be empowered to become true owners of the networks and economies they help create. »

Mittal also mentioned that Hike would be introducing tokens (a digital currency) to the RGU later this year, “All early iterations of everything we want in the metaverse will be live by the end of this year,” said Mittal. he declared.

According to the press release, the investors’ role will be to build RGU’s vision for Web3 games, Jump Crypto will serve as a market maker to help the platform navigate the exchanges, and Tribe Capital has years of expertise. in the Web3 world, while Republic Crypto will act as an advisory and token-selling partner.

Hike recently rolled out Rush Avatar NFTs for the RGU community and announced that it is partnering with Polygon to build a fully scalable and cost-effective Web3 mobile gaming platform to onboard the next billion non-native Web3 users to the blockchain. The Rush Avatar NFT Project is ranked sixth among the best NFT projects on Polygon.

Speaking on the funding, Mittal said, “We are delighted to welcome Jump Crypto, Tribe Capital and Republic Crypto as investors who share our vision of the impact Gaming + Web3 can have on the world. For us, gambling has always been small-scale entertainment and now it can also be a way to bring whole new economic opportunities to the world. India being a mobile driven market, needs a unique approach and our years of building for this market helps immensely in creating a seamless user experience to bring the next billion users into the chain. We are incredibly excited for the future.

Saurabh Sharma, Partner at Jump Crypto, said, “We are one of the oldest and most active investors in the crypto ecosystem. Having witnessed the maturation of this paradigm, we believe that Web3 gaming is one of the canonical use cases for a crypto-driven economy. Hike’s Rush Gaming Universe is an exciting development for emerging markets like India and it’s their unique, mobile-only vision focused on creating a seamless Web3 user experience for the next billion users, which is incredibly exciting. The Rush Gaming universe is already one of the fastest growing gaming ecosystems in India. This latest round of funding will be deployed to grow RGU’s innovative product strategy, while enabling high-quality recruitment across all functions.

Published on

May 06, 2022