Blockchain
Three-month-old stealth Singapore game-fi startup raises seed funding of US$2.7 million

Singapore-based game finance (game-fi) blockchain startup, Ethlas, announced today that it has secured US$2.7 million in seed funding from investors such as Sequoia Capital India, Yield Guild Games Southeast Asia, Global Blockchain Innovative Capital, Venturra Capital, Play It Forward DAO, Blockchain Space, Genesis Fund, Deus Ex DAO, Hustle Fund, and executives from Grab, Coinbase, Switcheo and CoinMarketCap. The hitherto stealth start-up has also unveiled the identities of two of its four founders: American Gennady ‘Ari’ Medvinsky and Singaporean Elston Sam, who have both worked in top tech companies such as Google, Microsoft, Grab, and Airbnb. The identities of the other two founders – one of whom is a very senior executive with a Big Tech firm – will be disclosed in due course.
The three-month-old Ethlas is the first game-fi startup founded in Singapore to have secured serious investor money, underlining the confidence that VCs have in this fledgling tech startup that first launched quietly in November 2021. Built on the Polygon blockchain, Ethlas has chalked up over 100,000 crypto-wallet users globally and scored some three million gameplays on its platform as of end-January 2022. The rapid scale that Ethlas achieved product market fit has been one of the key reasons for its seed fundraising success.
According to a Bloomberg report in January 2022, the number of blockchain games grew nearly threefold: from about 200 in 2020 to more than 544 in 2021. Most game-fi platforms have a high barrier of entry, requiring gamers to pay subscription fees or have upfront capital. On the contrary, Ethlas – a portmanteau of “Ethereum” and “Atlas” – is a free-to-play, play-to-earn platform which helps the lay person win and encash cryptocurrency, by participating in simple, easily-understood casual games that everyone is familiar with. Think Tetris, Candy Crush and Bubble Popper but way cooler. To start playing, gamers just need to install MetaMask, a software crypto wallet or link their wallets, and they can start playing in the Ethlas metaverse on a PC or mobile phone’s browser. There are no complicated onboarding rules or requirements to sign up with a hefty subscription fee.
“Komo” NFT minted
As part of its product roadmap, Ethlas will mint its first series of non-fungible tokens (NFTs) called Komos. Modelled after the Komodo Dragons of Indonesia, the Komo NFTs will benefit both free-to-play gamers and crypto natives: Free-to-play gamers can use the five tiers of the Komo NFT to boost their gameplay and secure more $XGEM (Exchange Genesis Ethlas Medium), the in-game cryptocurrency in the Ethlas metaverse; crypto natives can benefit from the intrinsic value of a well-designed NFT that has in-game utility and facilitates scholarships (NFT rental). The Komo NFT series will be available before end-February 2022. Ethlas is also working with game studios to launch their games on their platform through a revenue-sharing model.
“The unique value proposition of Komo NFTs is that they do not only function as game passes on Ethlas granting players special access to games and features, they are also asset-backed NFTs, which consist of staked tokens wrapped as an ERC-721 token that has recently started gaining popularity. Ethlas’ Komo NFTs possess both intrinsic artistic as well as monetary value, thereby driving up their desirability as a piece of tradeable art. Most game NFTs do not provide such value as Komo,” says Ethlas co-founder, Elston Sam.
Moonshot vision of one billion users
The founders of Ethlas were intrigued by the potential of game-fi when they read of Filipinos earning more money from playing games on game-fi platforms than from their day jobs. With their convictions that Web 3.0 will be powered by cryptocurrency and its social impact, the four founders decided to take the plunge and leave their well-paying jobs to build Ethlas. Their moonshot vision: make crypto inclusive and accessible by onboarding the next billion non-crypto users onto the Ethlas metaverse. Ethlas has plans to work with regulators to develop a framework for game-fi as it believes regulations and consumer education are key to facilitate the growth of this currently nascent but immense game-fi ecosystem in a safe and controlled manner.
“Consumer gaming platforms can amass millions of engaged players – combine that with asset ownership through NFTs and a crypto rewards layer, the network incentives fall back into the hands of the players. This is an immensely powerful flywheel. We also like that Ethlas is onboarding native gamers onto Web 3.0 and that the team is hyper-focused on delivering a delightful gaming experience. We have been very impressed with the platform’s rapid user adoption and high gamer engagement, suggesting strong future growth prospects,” Aakash Kapoor, Vice President, Sequoia India.
“We recognise that blockchain has a high barrier of entry, and currently appeals only to a skewed demographic. While GBIC is always looking out for blockchain startups to invest in, we are looking for those with a serious direction and vision. The direction of Ethlas was very clear and we believe in their vision that games will be a significant channel to onboard the next billion users into crypto. Unlike the current play-to-earn games, Ethlas’ operating model allows even people who do not even know crypto to just do a one-click sign in with MetaMask, and they can play for fun and earn. We are excited to be one of the early VCs to help Ethlas take flight,” says Sinhae Lee, Partner, Global Blockchain Innovation Capital.
Ethlas has built up a team of more than 20 blockchain engineers, game developers, data scientists, cybersecurity experts and designers, based out of Singapore, Philippines and the United States. The startup is founded in Singapore as the country has a good tech ecosystem that fosters and enables innovation, especially in crypto, and has good access to venture capital. It will leverage its seed funding to aggressively hire tech talent in the Web 3.0 space.
Blockchain
Blocks & Headlines: Today in Blockchain – May 16, 2025

A Pivotal Moment for Blockchain’s Many Frontiers
Today’s briefing arrives at a crossroads in blockchain’s evolution. From AI-driven Layer-1 grant programs to gamified resets in Web3, from supply-chain trust revolutions to exchange-driven token incentives, and high-stakes regulatory leadership shifts, the industry is charting new territory on multiple fronts. As builders, investors, and policymakers navigate this shifting terrain, five stories stand out for their potential to reshape blockchain’s trajectory:
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Lightchain Protocol AI unveils a $150,000 developer grant program to onboard top builders in AI × blockchain.
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Blockchain gaming experiences its lowest engagement of 2025, signaling a sector reset toward sustainability.
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Norwegian Seafood Council research highlights blockchain’s trust-building power in global supply chains.
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MEXC Exchange announces the Einstein (EIN) listing on July 20, 2025, buoyed by a $50 million rewards event.
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Summer Mersinger, a US CFTC commissioner, is tapped as CEO of the Blockchain Association, marking a pivotal regulatory turn.
In this op-ed–style briefing, we’ll unpack each development, explore its implications for blockchain, cryptocurrency, Web3, DeFi, and NFTs, and assess how these narratives intersect to define today’s momentum.
1. Lightchain Protocol AI’s $150K Grant: Catalyzing Decentralized Intelligence
What happened: On May 15, 2025, Lightchain Protocol AI—a Layer-1 blockchain optimized for AI workloads—launched its Developer Grant & Ecosystem Incentive Program, pledging up to $150,000 in total funding to on-board teams building dApps, explorers, wallets, analytics dashboards, DeFi protocols, NFT platforms, and AI-powered modules on its network. Grants are milestone-based (up to $5,000 per milestone), accompanied by technical support, co-marketing, and ecosystem visibility. Source: Bitcoin News
Why it matters: Lightchain’s move underscores the growing fusion of AI and blockchain. By allocating resources to builders at the intersection of these technologies, the protocol signals that the next wave of innovation will hinge on intelligent smart contracts, federated learning coordination, and on-chain decision-making. For developers, this grant lowers barriers to entry and emphasizes sustainable, value-driven growth over token speculation.
> “We’re seeking impactful projects that align with Lightchain AI’s goal of bridging AI and blockchain—everything from AI prediction markets to compute marketplaces.” > — Lightchain Protocol AI Core Team
Implications:
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DeFi & NFTs: Expect AI-augmented lending protocols and NFT platforms with dynamic metadata driven by on-chain models.
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Ecosystem Growth: Lightchain’s aggressive grant strategy may spur competitors (e.g., Ethereum layer-2s) to bolster their own builder incentives.
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Governance & Sustainability: The milestone-based approach aligns funding with tangible progress, a model DeFi DAOs may increasingly adopt for resource allocation.
Source: Bitcoin News
2. Blockchain Gaming’s 2025 Low: A “Reset” Toward Quality
What happened: According to Crypto.news, blockchain gaming saw daily active wallets dip to 4.8 million in April 2025—a 10% month-over-month decline and the lowest point of the year for Web3 gaming. Share of the DApp ecosystem for gaming fell to 21%, now tied with DeFi, while AI projects surged to 16% of on-chain activity. Funding also plunged nearly 70% from March to $21 million in April, though Arbitrum Gaming Ventures deployed $10 million from its $200 million fund to support titles like Wildcard, XAI Network, and Proof of Play. Source: Crypto.news
> “Capital is harder to secure, but that’s not necessarily bad. Weak projects are falling away, and funds are flowing into builders laying the groundwork for the next generation of blockchain games.” > — Sara Gherghelas, DappRadar Analyst
Why it matters: The downturn reflects a market recalibration from token-centric models toward user engagement, game mechanics, and interoperability—key for mainstream adoption. High-profile missteps (e.g., Square Enix shelving Symbiogenesis, Sega’s experimental launch of KAI: Battle of Three Kingdoms) contrast with enduring partnerships like Ubisoft + Immutable’s Might & Magic card game.
Implications:
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DeFi and Gaming Convergence: As DeFi’s share remains steady, expect crossover innovations (e.g., on-chain staking integrated into gameplay).
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Investor Focus: Sustainable tokenomics over ‘yin-yang’ hype; capital will favor projects with robust retention metrics and revenue models.
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NFT Utility: Gaming’s reset may accelerate evolution of NFTs beyond collectibles into dynamic, utility-driven assets.
Source: Crypto.news
3. Deepening Trust in Seafood with Blockchain Transparency
What happened: Perishable News reported on May 15, 2025, that the Norwegian Seafood Council found 89% of consumers desire more information on seafood sourcing. Producers are piloting decentralized blockchain solutions to trace products “sea to shop floor,” sharing immutable data on species, harvest location, handling, and quality checks to reassure ethically conscious buyers. Source: Perishable News
Why it matters: While most blockchain discourse orbits finance and gaming, supply-chain applications represent a mass-market use case for Web3. Immutable provenance data combats fraud, illegal fishing, and mislabelling—an urgent concern as global seafood consumption climbs.
Implications:
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Consumer Engagement: Brands adopting on-chain traceability can premium-price products by verifying sustainability standards, fair labor practices, and environmental impact.
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DeFi Integration: Tokenized incentives could reward ethical producers or create staking mechanisms for supply-chain stakeholders.
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Broader Web3 Adoption: Success in seafood may catalyze blockchain tracking in agriculture, pharmaceuticals, and luxury goods.
Source: Perishable News
4. MEXC’s Einstein (EIN) Listing & $50 Million Rewards Event
What happened: PR Newswire announced on May 16, 2025, that MEXC, a leading global crypto exchange, will list the Einstein (EIN) token on July 20, 2025 (UTC). To celebrate, MEXC has launched a $50 million EIN rewards event, offering incentives through trading competitions, referral bonuses, staking pools, and community tasks. Source: PR Newswire
Why it matters: Large-scale rewards events can drive short-term volume spikes and social engagement, but they also test community loyalty and tokenomics viability. EIN’s positioning as a “science-minded” utility token in educational and research partnerships adds thematic depth to what might otherwise be a routine exchange listing.
Implications:
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Trading & Community Growth: Expect surges in trading volume, potentially setting new ATHs for MEXC’s platform metrics.
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DeFi Crossplay: EIN holders may see integration into DeFi protocols for governance, liquidity mining, and educational grants.
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Regulatory Watch: Large-scale token events continue to attract scrutiny over securities classifications and promotional compliance.
Source: PR Newswire
5. Summer Mersinger Becomes CEO of the Blockchain Association
What happened: Gadgets360 reported that on May 14, 2025, the Blockchain Association confirmed that Summer Mersinger, currently a commissioner at the US Commodity Futures Trading Commission (CFTC), will step down on May 30 and begin as the Association’s CEO on June 2. Mersinger has championed balanced, consumer-focused digital asset rules and will spearhead advocacy for fit-for-purpose legislation alongside US regulators. Source: Gadgets360
> “Summer’s knowledge of how elected officials think through complex questions will be vital as we await next steps on stablecoin and market structure bills.” > — Blockchain Association
Why it matters: The appointment bridges regulatory expertise and industry advocacy at a moment when Congress is eyeing stablecoin frameworks and broader crypto oversight. Mersinger’s shift signals a blurring of lines between government and industry, with potential to accelerate law-making and foster public-private collaboration.
Implications:
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Policy Acceleration: Expect renewed momentum on stablecoin legislation, DeFi disclosures, and market-structure rules by August 2025, per administration timelines.
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Industry Confidence: Firms may feel emboldened to innovate under clearer regulatory signals, supporting growth in DeFi, NFT marketplaces, and tokenized asset offerings.
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Global Alignment: US-led regulatory frameworks often influence EU and APAC regimes—this leadership change could ripple through the international policy landscape.
Source: Gadgets360
Conclusion: Five Threads Weaving Tomorrow’s Blockchain Fabric
Today’s headlines paint a multifaceted portrait of blockchain’s ongoing maturation:
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Ecosystem Incentives: Grant programs like Lightchain’s signal a builder-first ethos, turbocharging AI × blockchain synergy.
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Quality Over Hype: Gaming’s dip reflects a necessary market reset, steering capital to sustainable, engagement-driven projects.
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Real-World Utility: Supply-chain transparency demonstrates blockchain’s power beyond finance, enhancing consumer trust.
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Tokenomics in Motion: Exchange listings and rewards events underscore the ever-evolving interplay between liquidity, community, and utility.
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Regulatory Convergence: Leadership moves like Mersinger’s appointment highlight the tightening feedback loop between policymakers and the Web3 sector.
As blockchain, cryptocurrency, Web3, DeFi, and NFTs continue to intersect, today’s developments underscore a pivotal shift: the industry is moving from speculative frontiers to pragmatic, real-world applications—backed by funding, governance, and policy frameworks that prioritize longevity and trust. Keep these threads in mind as we watch the next chapters unfold.
The post Blocks & Headlines: Today in Blockchain – May 16, 2025 appeared first on News, Events, Advertising Options.
Blockchain
Saudi Arabia Loan Aggregator Market Report 2025: Retail Digital Payments Hit 70% as Tech Adoption Transforms Saudi Financial Services – Competition, Forecast & Opportunities to 2030

Saudi Arabian Loan Aggregator Market
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