Fatfish raising cash to accelerate blockchain and gaming asset development

Fatfish Group (ASX:FFG) has launched a placement to accelerate development of ‘blockchain and gaming assets.’ Shares jumped 6% in the first hour of Friday trades, to 1.6cps – on higher volumes, but, still suggesting an overall cautious approach.

Firm commitments have been lodged with Fatfish for $1.5 million. Highlighted foremost by the company was its blockchain mining operations. Read: Generating cryptocurrency.

Fatfish specifically identified bitcoin and the once-satirical ‘DOGE’ cryptocoin as beneficiaries of the Trump trade (though didn’t mention Trump). Bitcoin recently breached US$98,000 per “coin” this week.

The fundamentals around it remain questionable, and much of the price rise this year has been a function of Wall Street – not retail investors.

The company is also looking to develop its AI products when it comes to game development – via an Indonesian company seeking to reduce costs by having AI whack out code instead of human staffers.

Elsewhere, the company is launching a “completed social gaming platform built on Telegram” as a white-label solution for other game developers.

On top of all of that – it’s worth noting there’s a lot of irons in the fire, here – the company is also looking for working capital.

“We are pleased to have seen robust support from the market as we look to accelerate investments we are making into frontier technologies including blockchain mining, social and digital gaming, as well as artificial intelligence,” Fatfish CEO Kin Wai Lau said.

FFG last traded at 1.6cps.

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