Hong Kong-based mobile games platform ALAX, founded by technology entrepreneur Kalvin Feng in the first quarter this year, has raised $3.8 million from its token-based fundraising.
In a statement, the three-month-old blockchain project for games and applications said the funding will help drive product development, international expansion and recruitment.
ALAX, a joint venture of blockchain technology business DECENT and game distribution platform Dragonfly, connects global game developers with mobile gamers worldwide.
Since its launch, it has signed partnerships with three leading smartphone manufacturers in Asia to deepen its consumer network.
In March, the mobile games platform announced its partnership with China- and India-based Gionee, among the world’s top smartphone manufacturers.
Following Gionee, ALAX also announced partnerships with Torque Mobile in the Philippines, and UTOO, which has over 106,000 stores across Malaysia and Indonesia.
Asia’s mobile gaming industry is set to grow significantly in the coming years. Malaysian gamers generated $589 million in revenue in 2017 while the number was $175 million in the Philippines, according to a report from market intelligence provider Newzoo.