Gem Global Yield LLC (GGY), an alternative investment group, committed $200 million to the sports metaverse firm LootMogul, to expedite the adoption of blockchain gaming for sports organizations and athletes.
This development came in a press release by PRNewswire on Friday, stating that it was a move to deliver an immersive experience for sports fans.
By the terms of the agreement, GGY will provide LootMogul with a share subscription facility of up to $200 million for 36 months following an equity exchange listing. The listing allowed LootMogul to draw funds by issuing equity shares to GGY. LootMogul controls the timing and the maximum size of such drawdowns but has no minimum drawdown obligation.
Additionally, the funding will accelerate the growth of LootMogul’s metaverse for sports games. The company said in a statement:
Raj Rajkotia, the CEO of LootMogul, added that the “investment commitment from GGY empowers athletes, fans, and brands to provide an immersive engagement and tools to bridge experiences between web3 metaverses and the real world.”
GGY, which has 3.4 billion in assets, has provided funding for several cryptocurrency firms. Through the sale of the H20N token in June, the group invested $300 million in the CeDeFi exchange Unizen and $150 million in the South African company H20 Securities.
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Source: Cryptocurrency - investing.com
