High Fidelity Raises $35M Series D Financing to Further Develop Social Platform & Blockchain Tech
High Fidelity, the social VR platform founded by Second Life founder Philip Rosedale, today announced it’s successfully closed a $35 million Series D financing round. The company says it’s using the funds to continue development on its global infrastructure for VR experiences, to accelerate hiring, and to open a new office in Seattle.
The latest funding round continues the company’s emphasis on blockchain technology, which High Fidelity CEO and co-founder Philip Rosedale says will be required for the future of a large-scale, decentralized VR metaverse.
Galaxy Digital will guide us capably in adopting that technology and creating the right partnerships with the larger blockchain ecosystem, for example the EOS blockchain where we are currently beta testing integration.”
High Fidelity already maintains its own cryptocurrency for in-game purchases called High Fidelity Coin (HFC), something the company calls a high-speed stablecoin which isn’tmeant for speculators looking to hold for profit.
High Fidelity’s also maintains a Digital Asset Registry (DAR), which is also based on the blockchain. DAR is said to provide “indisputable proof of identity and ownership and strong protection against content forgery,” and is used when trading goods on The High Fidelity Marketplace—the platform’s digital marketplace for everything from clothes to avatars, as well as scripts and applications.