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CryptoKitties, blockchain-based virtual game raises $12 million

CryptoKitties was a breakout success on the Ethereum network
CryptoKitties was a breakout success on the Ethereum network (CryptoKitties)

CryptoKitties is being spun off as a separate venture that has already raised $12 million from investors including Mark Andreessen and Union Square.

CryptoKitties, the blockchain-based virtual game that was a breakout success on the Ethereum network, is being spun off as a separate venture that has already raised $12 million from a star-studded roster of investors.

While Andreessen Horowitz and Union Square Ventures led the funding round, other investors included Coinbase Inc. founder Fred Ehrsam, AngelList Chief Executive Naval Ravikant and Zynga founder Mark Pincus, the venture-studio Axiom Zen said in a statement.

CryptoKitties, which is being spun off from Axiom Zen, aims to make the distributed ledger technology, best known for underpinning digital currency Bitcoin, more accessible and relevant for everyday consumers.

The game entered the spotlight in December, when CryptoKitties slowed the entire Ethereum network. In the game, which debuted on November 28, players can breed cats and sell their offspring.

In early December, CryptoKitties accounted for 11% of all transactions on the network, according to web data tracker ETH Gas Station.

The software application has fallen out of the top-10 most used Ethereum apps since.

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