Bitcoin payments startup ZBD has raised $40 million in a Series C funding round as it looks to expand blockchain-based payment infrastructure for the video game industry, Fortune reported.
The New Jersey-based company, which provides payments software for game developers, was led in the round by Blockstream Capital. The crypto investment firm contributed $36 million, according to cofounder and CEO Simon Cowell, who spoke with Fortune.
Cowell declined to disclose the company’s valuation or name the other investors involved.
The platform allows video game developers to integrate payments directly into games, enabling transactions such as peer-to-peer transfers, loyalty rewards, and Bitcoin payouts without relying on third-party fintech providers.
“We’re talking about a payment solution for the entire industry that actually really enables them to have a direct financial relationship to the player,” Cowell said.
The fundraise comes at a time when enthusiasm for crypto gaming has cooled.
Once touted as a major use case for blockchain technology, crypto-based gaming — particularly NFT-driven models — has struggled to gain mainstream traction since the 2021-2022 bull market.
ZBD has deliberately avoided NFTs and crypto-native gameplay, instead focusing on payments, an area that has seen more concrete adoption, especially as stablecoins gain attention from firms like Stripe and banks including JPMorgan Chase, according to Fortune.
Founded by Cowell alongside André Neves and Christian Moss, ZBD centers its technology on Bitcoin rather than stablecoins.
However, the company positions itself as a broader payments provider, allowing developers to keep users within their ecosystems rather than routing transactions through external services.
While the startup is not yet profitable and declined to share revenue figures, Cowell said the company worked with 55 games in 2025 and currently employs about 70 people.
The newly raised capital will be used to expand ZBD’s payments product suite over the coming year, Fortune reported.
ZBD’s bitcoin rewards
ZBD integrated Bitcoin rewards into TapNation’s mobile game Idle Bank last year, marking the first mainstream mobile game to deliver Lightning Network payouts, which boosted 30-day player retention by 355% and revenue per player by 124%.
The company, originally testing Bitcoin rewards with a modded Counter-Strike server, developed an SDK and API that allow game developers to seamlessly add Bitcoin rewards while addressing cybersecurity and fraud concerns.
ZBD’s model turns ad revenue into Bitcoin payouts for players, increasing engagement and monetization, and has already driven significant growth for games like Bitcoin Miner.
