Australian  trading platform NFT Immutable announced a $200 million Series C funding round led primarily by Singapore-based state-owned investment firm Temasek, with participation from Animoca Brands and Tencent. Additional investments from ParaFi Capital, Princeville Capital and Arrington Capital, as well as  existing lenders King River Capital, Prosus Ventures, AirTree Ventures, Statement Partners and others, have raised Immutable's valuation to $2.5 billion. The company intends to invest this capital in the development of its Immutable X Layer2 scaling solution for non-fungible tokens (NFTs) on the Ethereum network and in the scaling of Immutable Gaming Studio, which includes its flagship video games Gods Unchained and Guild of Guardians .

 Immutable X uses StarkWare's StarkEx zero-proof-of-knowledge technology to achieve scalability on Ethereum while offering game developers zero-gas fees and a carbon-neutral environment. Robbie Ferguson, co-founder and president of Immutable, tweeted that the future of gaming depends on the economics of NFT  and that Immutable aims to be at the forefront of NFT adoption. Ferguson added that the digital future will require open order books rather than isolated liquidity and “true” decentralization on Ethereum and consumer-focused NFT projects. 

According to the company, Immutable's plans for "rapid global expansion" include the addition of four new executives: Justin Hulog, former general manager of Riot Games, as  studio director; Gill Findlay, Partner at AirTree Ventures, as COO; John Boris, former CEO of IfOnly, as Chief Growth Officer; and Katherine Rau as Human Resources Manager. Immutable also plans to expand its 165-strong team by hiring 200 new employees worldwide this year. Immutable recently partnered with GameStop to develop the game retailer's next NFT marketplace and sponsor game developers with a $100 million grant. Program.Other companies currently building on Immutable X include TikTok, OpenSea, Ember Sword, GreenPark Sports, and Gary Vee's Vee Friends. Einhorn is a company that has a valuation of $1 billion or more.