Vietnamese blockchain-based game hub Whydah has raised $25 million in a funding round, aimed at helping game studios apply blockchain technology, according to an announcement.
Participating investors included Morningstar Ventures, Hashkey, Eternity Ventures, Bitscale, Youbi, and others.
Whydah was founded by Tri Pham, co-founder and CEO of KardiaChain, which claims to be a decentralised interoperable and self-optimised blockchain infrastructure platform in Vietnam and Southeast Asia.
Whydah has partnered with seven game studios in Vietnam — Topebox, Wolffun Game, IMBA Game, Hiker Games, Divmob, 1B Game Studio and KEIG Studio — to develop a product called Iron Sail, which brings together players in the blockchain space.
“Fundraising through Iron Sail is a hybrid initiative between venture capital and token sale in which institutional investors have access to a fundraising model that combines traditional and token fundraising,” Whydah said in a statement.
“This model is considered an active special purpose acquisition company (SPAC) with a portfolio of the seven blockchain games,” it added.
The company also said it planned to make Iron Sail an open metaverse, where “everyone and everything is connected together in both online and offline experiences”.
Prior to Whydah, investments were active in the blockchain-based game space in Vietnam. Sipher closed a $6.8 million seed funding round in October, after Sky Mavis, the creator of the blockbuster play-to-earn game Axie Infinity raised $152 million in a Series B funding round led by US investor a16z.
Other gaming startups or blockchain infrastructure companies in the region that have attracted venture capital investments include Thailand-based GuildFi, Yield Guild Games in the Philippines, and Avocado Guild, an Australian company with users mostly in the Philippines and Indonesia.
Asian funds, such as Singapore-based Play Ventures and South Korea’s Hashed Ventures, have recently set up new blockchain gaming-focused vehicles. A spate of venture capital investors have also flocked to set up funds focused on the space in Vietnam.