Balthazar DAO secures further US$2 million in Private Round Token Sale, US$60 million valuation
Summary
The funds will be used to accelerate its software development kit (SDK), Babylon, including the pioneering technology noncustodial wallet system, by bringing on key product experts and engineers.Balthazar has now raised a total of US$5.6 million (AU$8.5 million) in the past year, following pre-seed and seed round Token Sales.Included in the Private Round Token Sale were world-leading private equity investment institution IDG Capital, Tezos Foundation, Kucoin Labs, Hive Empire Capital (led by Finders Fred Schebesta), Digital Asset Capital Management (DACM), Gandel Invest, Fantom Foundation, Yolo Investments, Red Building Capital, Vendetta, Pluto Digital and several others.It follows Balthazars successful pre-seed US$600,000 (AU$906,000) token sale and US$3 million (AU$4.5 million) Seed Round Token Sale earlier this year, which was led by Animoca Brands and included other token purchasers such as DACM, Hive Empire Capital, Zip co-founder Larry Diamond, Darling Ventures, ZED Run, Side Door Ventures, Algorand, Rising Capital, Pluto Digital, Saltwater Ventures, Fantom Foundation, eFrontier, TPS Capital, and more.John Stefanidis, CEO and Co-Founder of Balthazar said digital ownership and its application through Web3 gaming is the future evolution of the video game industry, which is expected to reach US$294 billion by 2024.Were building technology thats applicable to not only the gaming space, but the entire crypto industry. We will expand into solving problems around password and credential recovery, which will unlock categories such as DeFi, and other products that are really good but hard to access for Web2 users. Thats why Balthazar is such a solid player in this space.Balthazar is focusing on its infrastructure platform, pioneering a noncustodial credential recovery system that will allow people to hold their own assets but removes the risk of losing passwords.Babylon is a suite of infrastructure that game developers need to create Web3 games. This is one of the key features were working on building into Babylon.Mr Stefanidis said Balthazar is building a node system that can be used on any chain.With an initial focus on EVM (Ethereum Virtual Machine) compatible chains including Fantom, were also working closely with the Tezos ecosystem team, to support projects by providing our infrastructure. We are solving both of these issues by creating a great user experience for games to easily onboard gamers, and a safe and secure way for gamers to play-and-earn with a self-custody system.Here is a video demo of the Babylon SDK, which shows how games can plug in Balthazars non-custodial in-game wallet solution.From some of Balthazars backers