18 April 2024 — Nazara Technologies, a prominent gaming company, has acquired an 8.5% stake in Circle of Games (COG) for $500K, signaling a strategic move into the Web3 gaming space.
Details of the Investment
Nazara’s Dubai-based subsidiary acquired 1,273 class A1 preferred shares of COG Holdings Global Ltd, the parent company of Circle of Games, with plans for additional shares and a total stake of 8.5%.
Nazara aims to leverage this investment to expand its presence in Web3 and blockchain gaming, while also benefiting from synergies in technology and team collaboration with COG.
COG secured a larger funding round of $1 Mn, which includes Nazara’s investment and participation from Swiss non-profit The Hashgraph Association. This funding will support COG’s go-to-market strategy, platform scalability, and global expansion efforts.
COG plans to use the funding to enhance its gaming portfolio, expand globally in regions like the US, EU, Africa, Middle East, and Asia, and onboard 100 Mn users by 2026. Collaborations with platforms like Chingari and Solana provide access to a vast gaming community.
COG intends to launch its native token ($COG) by June 2024, aiming to attract more users and enhance its platform’s ecosystem.
This investment aligns with Nazara’s broader strategy of investing in gaming and esports ventures, as seen in its recent acquisitions and earmarked funds for mergers and acquisitions.
Conclusion:
Nazara’s investment in Circle of Games reflects a strategic focus on Web3 gaming expansion, leveraging synergies and partnerships to drive growth and innovation in the gaming industry.
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