Uniswap Labs Acquires “Crypto: The Game” in Mixed Cash, Token, and Equity Deal

  • June 11, 2024
  • 8 Views

TLDR

Uniswap Labs has acquired the popular on-chain game “Crypto: The Game” (CTG) in a mixed cash, token, and equity deal for an undisclosed amount.
CTG’s co-founders, Dylan Abruscato, Tyler Cagle, and Bryan Lee, will join Uniswap Labs to continue developing the game and explore new interactive consumer crypto experiences.
The acquisition comes as Uniswap Labs aims to make on-chain experiences more engaging and accessible to users.
CTG has gained significant popularity within the crypto community, with its second season selling out in just 13 minutes and attracting sponsorships from major brands like Adidas and Uniswap Labs.
The game, inspired by reality TV shows like Survivor and Squid Game, has generated a cult-like following, with fans closely following the competition through various social media platforms and podcasts.

Uniswap Labs, the company behind the leading Ethereum decentralized exchange, has made a significant move in the world of on-chain gaming by acquiring the popular “Crypto: The Game” (CTG).

The acquisition, announced on Monday, June 10, 2024, is a mixed cash, token, and equity deal, with the exact purchase amount remaining undisclosed.

CTG, a Survivor-inspired on-chain competition, has quickly gained a cult-like following within the crypto community since its launch earlier this year.

The game pits contestants against each other in a series of challenges, both online and in the real world, with the ultimate goal of being the last person standing to win a substantial prize pool.

The game’s popularity was evident in the rapid sellout of its second season, which saw 800 coveted spots disappear in just 13 minutes.

The season also attracted sponsorships from major brands like Adidas, which created branded tracksuits for each player in the form of non-fungible tokens (NFTs), and Uniswap Labs itself, which sponsored a challenge during the season.

As part of the acquisition deal, CTG’s co-founders, Dylan Abruscato, Tyler Cagle, and Bryan Lee, will join Uniswap Labs to continue steering the direction of the game and assist in crafting Uniswap’s messaging around decentralized finance (DeFi).

The move signals Uniswap Labs’ intention to make on-chain experiences more engaging and accessible to a wider audience.

Mary-Catherine Lader, chief operating officer at Uniswap Labs, emphasized the company’s focus on making on-chain experiences more human and fun, citing CTG’s ability to generate excitement within the crypto community as a key factor in the acquisition decision.

The acquisition comes at a time when Uniswap Labs is facing potential regulatory scrutiny, having received a Wells Notice in April, indicating that it could soon become the focus of an investigation by federal securities regulators. Despite this uncertainty, the company remains committed to expanding its reach and influence within the crypto space.

CTG’s success can be attributed to its unique blend of on-chain challenges and real-world elements, which have captured the attention of crypto enthusiasts and newcomers alike.

The game’s first season, won by a pseudonymous player from rural Japan, showcased the power of community and the potential for on-chain experiences to foster meaningful connections among participants.

The second season took a dramatic turn, with a group of eliminated players teaming up to buy back into the game and ultimately winning the $210,000 prize pool, which they donated in full to the Tornado Cash Legal Defense Fund. This unexpected twist further solidified CTG’s status as a must-watch event within the crypto community.

As Uniswap Labs and CTG’s founders collaborate on the development of the game’s third season, fans can expect the same elements that have made the competition so compelling, including new challenges, twists, and drama.

The acquisition also opens up the possibility for Uniswap Labs to explore new interactive consumer crypto experiences, leveraging the expertise of CTG’s founders and the lessons learned from previous seasons.

The post Uniswap Labs Acquires “Crypto: The Game” in Mixed Cash, Token, and Equity Deal appeared first on Blockonomi.