Sports Metaverse raises $200 million in funding

Start the Metaverse Sports LootMogul Believer A $200 million investment commitment from Gem Global Yield, providing the company with an equity subscription facility of up to $200 million for 36 months after the stock is listed on the exchange.

The company said that the funding is expected to advance the development of LootMogul’s sports-focused metaverse, including “the building of descriptive (virtual) sports cities around the world with real-world benefits, brands, and professional athletes across the metaverse and (multichain) blockchain on Multiple devices such as Oculus, HoloLens, Web, Mobile & Console,” the company explained in a statement.

The deal will allow LootMogul to withdraw funds by issuing equity shares of GEM with no minimum withdrawal obligation, and allow the startup to control when and how much of the funds will be used.

The move follows a partnership announced in August with open-source blockchain DigitalBits to create MOGUL tokens, a native token for its gaming platform. The token is set to be added with the XDB/MOGUL liquidity pool on the NicoSwap decentralized exchange.

With $3.4 billion in funds, GEM has been a source of capital for other crypto startups. In June, the group invest $200 million in the CeDeFi Unizen exchange, and $150 million in H20 Securities in South Africa through a discount From the token H20N.