Reality Gaming Group, Reality Clash, has plans to raise fresh investor capital and announced today the launch of its security token offering (STO) on TokenMarket.
According to a press release by the company, the latest fundraising effort, which represents the second in their existence (the first was in 2017), would be open to both private and retail investors who can purchase tokenized equity stakes in the company.
Reality Gaming is reportedly targeting a $1.5 million raise, which would be channeled towards the development of its flagship mobile game Reality Clash, described as an action-packed multiplayer shooter that combines a mobile AR platform and in-game digital asset trading marketplace using blockchain technology.
Additionally, the firm plans to use proceeds from the newly announced funding round to build new games based on the same AR and blockchain platforms, creating an ecosystem where users can engage with tokenized in-game assets.
Co-Founder Tony Pearce, while speaking in the release, expressed satisfaction at the level of success which their Reality Clash game has achieved within a short period and the new opportunity for new investors to own a piece of the business with the aid of blockchain technology.
Pearce said in the release:
As one of the first game companies to have raised capital via a utility token sale in 2017 and, successfully delivered on a blockchain-based game, it's great to offer investors a chance to share in our success by owning a piece of Reality Gaming Group's shares.
Meanwhile, the company also seized the opportunity to announce plans to license its core technology platform so that third-party developers could use them to create virtual worlds and blockchain-based gaming apps.
In another news about STOs, we reported last week that six brokerage firms in Japan formed a new association to promote the new fundraising mechanism in the country.