A gaming-focused layer-2 crypto project nearly doubled its value on Friday after announcing a new $80 million ecosystem fund.
COMBO (), which previously went by the name Cocos-BCX, bills itself as “a leading provider of scaling solutions for Web3 game development.”
The project’s native token shot up from trading around $1.00 early Friday morning to a high of $1.92 later that day, a 92% increase.
The altcoin has retraced from its Friday high and is trading at $1.77 at time of writing.
The price surge happened shortly after COMBO announced its new fund, which the project will be “an integral part of COMBO’s vision of collaborative world-building and industry growth.”
“The COMBO team has allocated $80 million to the Ecosystem Fund. These funds will be made available to developers who are creating web3 games on COMBO – a leading game-focused layer-2 chain. In addition to funding, the Ecosystem Fund also provides developers with access to a network of advisors and gaming industry veterans who can help guide successful applicants through the web3 game development process.”
The project says it’s looking for developers who “push the boundaries of what’s possible” in Web3 gaming.
Even after the recent rally, COMBO still remains down by more than 67% from its all-time high of $5.44, which it hit in November 2021.
