B2B technology firm GameOn has received non-dilutive funding from the HBAR Foundation to help launch Karateka on the Hedera network.

The Vancouver-based organization’s PLAYN3XT platform will power Karateka – a collection of unique and playable fighters – which will feature fighting games driven by real-world results from Karate Combat, a popular combat sports league with over 200 million monthly streams.

Additionally, the platform will power a second, as-yet unnamed project currently still in the development stages.

Matt Bailey, CEO at GameOn, commented: “Today’s news is a strong signal of what we’re building. Our proprietary PLAYN3XT platform makes it easy for brands and their fans to engage in web3 through NFT-powered, web2-friendly fantasy games.

“This grant is validation as we continue to garner support from industry leaders, and most importantly scale cash flow and profitability.”

The HBAR Foundation is the native, energy-efficient cryptocurrency of the public Hedera network that is helping to guide the adoption of its blockchain.

The foundation’s mission is ‘to empower entrepreneurs to build economies on the Hedera network and access a thriving ecosystem’ that helps to raise awareness of projects, accelerate innovation, and scale adoption.

Alex Russman, VP, Metaverse Fund at The HBAR Foundation, added: “We are excited that GameOn selected Hedera as their next DLT integration and will be imminently launching Karateka in collaboration with Karate Combat.

“This is a testament to the strategic focus around web3 consumer engagement and the brands and their communities being attracted to the Hedera Network.

“Hedera provides best-in-class core DLT functions and GameOn’s services contribute to Hedera’s ‘ecosystem-as-a-service’ that brands can partner with to deliver engaging utility around their new DLT assets.”