Citadel's $3.3 Million Funding Fuels Ambitious Web3 Gaming Expansion

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Published: November 08, 2023 at 9:23 am Updated: November 08, 2023 at 9:23 am

Edited and fact-checked:
November 08, 2023 at 9:23 am

In Brief

Blockchain gaming enterprise Citadel secures $3.3 million in seed funding, spearheaded by investment firms 1kx, Shima Capital, Hashed.

Blockchain gaming company Citadel has successfully secured a $3.3 million seed investment, with 1kx at the helm of the funding round.

Several key industry players including Shima Capital, Hashed, Matchbox DAO, Ready Player DAO and a cohort of angel investors, are backing the gaming firm. They are providing a financial boost that is poised to propel company into its next development phase with the impending launch of Citadel 2.0, scheduled for November 14th.

The Citadel team took a significant risk in 2021, leaving their steady jobs to devote themselves entirely to the project. Initially self-funded, the group’s dedication has paid off with this substantial seed funding round. They plan to channel a considerable portion of their mint funds and marketplace royalties into sustaining the venture post-launch, ensuring the longevity and success of Citadel 2.0.

We’re excited to share we have raised a $3.3M Seed Round led by 1kx, with participation from Shima Capital, Hashed, Matchbox DAO, Ready Player DAO, and several angels!

Read on to learn how we approached funding the creation of a decentralized world. pic.twitter.com/3GBVrBXQm0

— Citadel 2.0 — November 14th (@0xCitadel) November 7, 2023

Citadel Founders’ Vision

With a firm belief in fostering a trustworthy environment for both founders and the community, Citadel aims to challenge the status quo of the blockchain space. The team emphasizes transparency and trust, with a commitment to redirecting at least 70% of the genesis mint directly to the DAO treasury, governed on-chain by the community.

In a shift from traditional funding models, Citadel will now allocate 100% of the genesis mint funds to the DAO treasury, ensuring full control and transparency for the community. This move eliminates the potential for misused funds and emphasizes the company’s dedication to its supporters’ best interests.

Gaming Journey with New Resources

The infusion of seed capital opens doors for Citadel to pursue goals that were previously out of reach, allowing the company to expand its vision and team. Citadel 2.0 promises to be more than just a game; it’s a novel player-driven world that seeks talented individuals who share the company’s passion for innovation in the Web3 space.

With this strategic funding and a refreshed approach to community-driven development, company is gearing up to reveal further details about its grand vision in the coming week. As the team prepares for the launch of Citadel 2.0, the gaming community eagerly anticipates the next chapter in this blockchain gaming saga.

Disclaimer

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti