Sports metaverse startup LootMogul has received a $200 million investment commitment from Gem Global Yield, for providing the company a share subscription facility of up to $200 million for a 36-month period post an equity exchange listing, as reported by Cointelegraph.
According to Cointelegraph, the platform stated that it plans to use the funding for boosting the development of LootMogul’s metaverse based on games such as sports games, including the development of meta (virtual) sports cities around the world with real-world benefits, brands and professional athletes on a true cross metaverse and blockchain platform on multiple platforms such as Oculus, HoloLens, Web, Mobile and Console. Through this deal, it is expected that LootMogul wil be able to withdraw funds by issuance of equity shares to GEM excluding a minimum drawdown obligation, and allowing the startup to have control when and how much amount of funds will be utilised.
On the basis of information by Cointelegraph, the move follows a partnership announced in August with the open-source blockchain DigitalBits for the creation of the MOGUL tokens, a native token for the purpose of its gaming ecosystem. Furthermore, the token is set to receive an addition of XDB/MOGUL liquidity pool on the decentralised exchange NicoSwap. With funds of $3.4 billion, GEM has developed to be capital source for other startups in the cryptocurrency space. In June, the group made an investment worth $200 million in the CeDeFi exchange Unizen and $150 million in the South Africa-based H20 Securities through selling of the H20N token.
Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds. Their editorial content is based on our news, analytics, cryptocurrency price charts, opinion pieces, among others.
(With insights from Cointelegraph)