TDeFI-Incubated Vulcan Forged Secures 33 Million in Investments From SkyBridge Capital

Blockchain gaming studio Vulcan Forged has secured Series A funding led by SkyBridge Capital, an investment firm founded by former White House Communications Director Anthony Scaramucci.

Vulcan announced in a press release the round raised $8 million, with the option to invest an additional $33 million.

The funding is aimed at accelerating the growth of Vulcan Forged “Metascapes”, a play-to-earn immersive metaverse game that allows its users to build their own land in the metaverse and store that data through non-fungible tokens (NFTs).

In addition, the funding will be used to grow Vulcan’s operations in North America as well as other markets. Currently, Vulcan Forged has about 15 games and decentralized applications, with about 200,000 users.

In a statement, the founder and CEO of Vulcan Forged, Jamie Thomson, said, "As we look to expand into new markets like North America and open our office in New York City, we believe that now is the perfect time to capitalize on our momentum with a strategic investment from Anthony Scaramucci and his team at SkyBridge Capital."

Last December, hackers stole 4.5 million PYR, the Vulcan platform’s native token, which at the time was worth about $140 million and represented nearly 9% of the token’s total supply. A day following the hack, Vulcan Forged refunded the $140 million to nearly all its investors.

Commenting on the incident, Gaurav Dubey, CEO at TDeFI, Vulcan’s incubator, said, “The first feeling we got was that we’ve lost our entire work, as the amount of USD 140 million covered almost all our money. We were struggling to save it and lock the hack, and it necessitated endless effort from all the partners of Vulcan Forged to put an end to this nightmare.”

He added, “Fortunately enough, we were able to hold the market at just 12% dip, but a few days later, due to a mistake from a major exchange, we faced another huge hack that wasn’t announced. This led to the ultimate crash of the PYR market by 90%, knowing that 70% of that crash had happened in the best of markets. However, Volcan Forged had only lost 20% in comparison to other metaverse and DeFi companies, which was truly remarkable.”