Sports Metaverse Company Secures $200M Funding
Gem Global Yield fund invests $200m in the sports metaverse company.
Sports Metaverse startup LootMogul has announced that they have been promised a $200 million investment from Gem Global Yield Fund, an alternative investment group focused on emerging markets across the world.
LootMogul is planning to evaluate the funds for their plan to establish virtual sports cities across the globe.
Gem Global Yield will support the company with a shared subscription facility of a value of up to $200 million for a 36-month term, as well as providing an equity exchange listing.
The funding aims to support the company in the process of developing a metaverse to focus on sports games. Sport games is a promising field in blockchain gaming and it keeps attracting game developers as well as the blockchain investors.
LootMogul is aiming to build virtual sport cities providing utility, using brands and athletes. The platform is planned to serve on a multi- and cross-chain principle. It will be suitable to use on multiple devices such as Oculus, HoloLens, Web, Mobile & Console, according to the statement made by the company.
LootMogul will also be able to withdraw funds without a minimum drawdown obligation by issuing equity shares to GEM. This system will also allow for freedom for the startup, to use the funds freely and according to their needs.
Also, another partnership was announced in August, regarding MOGUL tokens, which is the native token for its gaming ecosystem. DigitalBits, an open-source blockchain, has partnered with the startup and the native token was added on the decentralized exchange NicoSwap with a DigitalBits (XDB)/MOGUL liquidity pool.
GEM has been funding and backing up a number of startups in the crypto space and the total investments made by the fund have reached $3.4 billion, CeDeFi exchange Unizen and South Africa-based H20 Securities being some of them.
The fund has invested $200 million in the exchange Unizen and $150 million in the H20N token.
analyst opinion
Eda Tutkun
Sports Metaverse startup LootMogul has announced that they have been promised a $200 million investment from Gem Global Yield Fund, an alternative investment group focused on emerging markets across the world.
LootMogul is planning to evaluate the funds for their plan to establish virtual sports cities across the globe.
Gem Global Yield will support the company with a shared subscription facility of a value of up to $200 million for a 36-month term, as well as providing an equity exchange listing.
The funding aims to support the company in the process of developing a metaverse to focus on sports games. Sport games is a promising field in blockchain gaming and it keeps attracting game developers as well as the blockchain investors.
LootMogul is aiming to build virtual sport cities providing utility, using brands and athletes. The platform is planned to serve on a multi- and cross-chain principle. It will be suitable to use on multiple devices such as Oculus, HoloLens, Web, Mobile & Console, according to the statement made by the company.
LootMogul will also be able to withdraw funds without a minimum drawdown obligation by issuing equity shares to GEM. This system will also allow for freedom for the startup, to use the funds freely and according to their needs.
Also, another partnership was announced in August, regarding MOGUL tokens, which is the native token for its gaming ecosystem. DigitalBits, an open-source blockchain, has partnered with the startup and the native token was added on the decentralized exchange NicoSwap with a DigitalBits (XDB)/MOGUL liquidity pool.
GEM has been funding and backing up a number of startups in the crypto space and the total investments made by the fund have reached $3.4 billion, CeDeFi exchange Unizen and South Africa-based H20 Securities being some of them.
The fund has invested $200 million in the exchange Unizen and $150 million in the H20N token.
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