The sports metaverse startup, LootMogul, has obtained a USD 200 million investment from Gem Global Yield, providing the company with a subscription line of shares of up to USD 200 million for a period of 36 months after its listing on the stock exchange.
The company said the funding is expected to fuel the development of LootMogul’s metaverse focused on sports games, including “building virtual sports cities around the world with real-world benefits, brands and professional athletes on a true metaverse platform and blockchain (multi-chain) on various devices such as Oculus, HoloLens, web, mobile and consoles,” the company explained in a statement.
The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM with no minimum withdrawal obligation, and allowing the startup to control when and how much the funds will be used.
The move follows the partnership announced in August with open source blockchain DigitalBits for the creation of MOGUL tokens, a native token for its gaming ecosystem. The token will be added with an XDB/MOGUL liquidity pool on the decentralized exchange; NicoSwap.
With $3.4 billion in funding, GEM has been a source of capital for other startups in the cryptocurrency space. In June, the group invested $200 million in the exchange, Unizen, and $150 million in the South African company, H20 Securities, through the sale of the H20N token.
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