Robot Cache, the blockchain-based video game dealer, has gotten a $3 million check from the holding company Millennium Blockchain. In return, the company expects to get 10,5 million IRON coins.
In exchange for the investment, Millennium Blockchain is set to receive 10.5 million IRON tokens, creating the base for all transactions on the Robot Cache marketplace. There is an option for users to trade and mine IRON.
Allegedly the platform will use blockchain for second-hand sales of video games, promising an increase of profit both for developers and publishers. Robot Cache is to be the first decentralized platform on the market, giving the publishers an opportunity to retain more profit than from the non-decentralized platforms. When a certain game has been finished with, the player has the option of trading back the game for 25% from the initial price in tokens.
CEO of Millennium Blockchain, Brandon Romanek, has said:
Robot Cache is poised to dramatically alter the landscape of the $27 billion gaming industry, and I am thrilled that Millennium can be a part of its pioneering effort to connect gaming and the Blockchain. We are fully committed to building and nurturing a leading portfolio of Blockchain-driven technology companies for the benefit of our shareholders.
At the moment Robot Cache hasn’t raised any funds from the outside by selling equity, however, Millennium Blockchain has attained the privilege to reject the acquiring of up to 3% of the initial equity round of the startup.
WHY IS THIS IMPORTANT?
- The implementation of blockchain technology is spreading to many spheres and now it has found its way into the huge industry of game distribution.
- This platform will give gamers the opportunity to get something back after finishing a game, which is good news for the players.