Ethlas, a game finance blockchain startup based in Singapore, has appointed a new CEO: former Grab executive Wui Ngiap Foo.
In his previous role, he served as head of tech for Grab’s integrity, mobility, engineering, and patent office. Ethlas’ co-founders – Elston Sam, Gennady “Ari” Medvinsky, and Henry Foo – also had stints at the Southeast Asian super app.
“Moving from my role as a head of tech in charge of a large domain in Grab to becoming the CEO of an up-and-coming startup is a natural next step in my career,” Wui Ngiap told Tech in Asia.
Wui Ngiap Foo, the new CEO of Ethlas / Photo credit: Grab
To start playing in the Ethlas metaverse on a PC or mobile phone browser, gamers need link their wallets or install MetaMask, a software crypto wallet. There are no complicated onboarding processes or requirements to sign up with a hefty subscription fee.
Wui Ngiap is expected to bring in fresh funds to develop Ethlas’ tech to help simplify cryptocurrencies for first-time users.
“One of my dreams has always been to found my own company that marries my passions for tech and gaming. Building a marketplace for games that is enabled by blockchain represents the perfect intersection for everything that I am passionate about: games, marketplaces, and decentralized technologies,” the new CEO said in a statement.
Along with the appointment, Ethlas also announced that it has raised US$6 million in an extended seed funding round led by Makers Fund, Dragonfly Capital, and Yield Guild Games (SEA). In February, Ethlas secured US$2.7 million in a seed round led by Sequoia Capital India.
See also: Ex-Grab, Googlers’ GameFi firm looks to bring play-to-earn to the masses
The GameFi startup will use the additional seed funding for hiring and new-user acquisition. Ethlas plans to hire another 80 people in roles such as data science, product, design, game development, and blockchain engineering to support its current team of 20 employees, who are based in Singapore, the Philippines, and the US.
Built on the Polygon blockchain, Ethlas has chalked up over 310,000 crypto-wallet users globally and 6.2 million gameplays on its platform as of March 2022.
The Ethlas team / Photo credit: Ethlas
Wui Ngiap, who joined Grab in 2015, spearheaded the super app’s regional mobility segment and was pivotal in rolling out products such as JustGrab and GrabShare for the Southeast Asia market. He also took up roles including head of integrity and head of growth.
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