ZBD has closed a $40 million Series C round and plans to use the capital to expand blockchain-based payment products built for the gaming industry. Fortune reported the deal as crypto gaming hype has cooled, with ZBD taking a different route from many earlier projects by focusing on payment infrastructure instead of NFTs or token-driven gameplay.
ZBD is selling payment software to game developers
Based in New Jersey, ZBD provides payment software that game developers can integrate into their products to handle in-game transactions, including Bitcoin payments. The company has stayed away from NFTs since its founding and has centered its pitch on payments, a segment it sees as more mature and tied to real operating needs. That distinction matters. ZBD is trying to position itself as an underlying payments provider for the gaming sector rather than a publisher of a single crypto game or platform.
The report says blockchain payments have drawn renewed attention as stablecoins and blockchain-based transaction systems gain wider acceptance among fintech firms and traditional banks. ZBD’s model fits into that shift.
Blockstream Capital led the round with $36 million disclosed
The financing was led by Blockstream Capital, which contributed $36 million. The investment firm is closely tied to early Bitcoin core developer Adam Back. ZBD co-founder and CEO Simon Cowell said the other investors and the company’s valuation were not disclosed publicly.
Cowell said ZBD is not targeting just one title or one platform. The company wants to offer a general-purpose payment stack for the broader video game industry, allowing game companies to build direct financial relationships with players while reducing dependence on third-party payment platforms.
Financial-sector founders, with Bitcoin at the center
ZBD’s founding team comes largely from finance rather than the traditional gaming business. Cowell previously worked in asset management and was involved in investment related to crypto exchange Bitstamp. ZBD was founded in 2019, and its name comes from a French cartoon character, with no specific technical meaning attached to it.
The company currently uses Bitcoin as its core payment asset. It helps games distribute rewards to players and also supports player-to-player transfers. ZBD said the same technology can be used for loyalty programs, giving players instant rewards for continued engagement.
Not profitable yet, but already working with 55 games
Cowell said ZBD is not yet profitable, and the company has not released revenue figures. Even so, it says it has made progress in mobile gaming. ZBD currently has about 70 employees and worked with 55 games in 2025.
The new funding will be used over the next year to broaden the company’s product lineup and assemble a more complete payments offering. As interest in crypto gaming has faded, ZBD is betting that practical payment infrastructure can win a place inside the gaming business.