Ripple has just announced that it will be partnering with the gaming platform firm Forte. The main intention is to provide 4100 million for investment in the blockchain gaming industry. The new partnership has been signed between Ripple’s Xpring and the gaming platform. $100 million will be deployed for developers that work in the gaming industry.
Ripple Provides $100 Million for Game Developers
The cryptocurrency market continues to expand in many different industries. The gaming market is also going to be changing. Xpring is providing $100 million in funding to game developers that work with blockchain technology.
Back in February, Kevin Chou announced that he had created a blockchain platform known as Forte. Other veterans such as Brett Seyler are helping Chou’s company to create and make a platform for the adoption of blockchain technologies in the gaming industry.
The firm has already received funding from large investors such as Marc Andreessen’s venture capital company Andreessen Horowitz. Ripple will also be providing $100 million that will be used to fund the development of new games based on top of blockchain technology.
Brett Seyler, the chief platform officer at Forte, commented in a recent statement:
“Blockchain technologies’ key innovations unlock vast potential for nearly all forms of digital interaction. Gaming is $140 billion global industry driven predominantly by digital microtransaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology. The industry needs solutions that can support these economies at scale with cross-chain interoperability.”
In a recent interview, both Choy and Seyler explained that distributed ledger technology (DLT) has the potential to improve game designs and help developers run more successful gaming projects.
This funding will be targeting developers operating live game economies that have more than 50,000 daily users. Forte has also been working with Ripple’s products and the XRP digital asset, which supports cross-border payment transactions between firms around the world.
A short time ago, Tron (TRX) announced that they started a $100 million fund that was going to be investing in game developers. It is worth mentioning that Forte has also received support from blockchain firms and investors such as Fred Ehrsam, the co-founder of the Coinbase cryptocurrency exchange, Balaji Srinivasan, the co-founder of Earn.com and many others.
XRP is the third largest crypto in the space with a market capitalization of $12.88 billion. Each XRP can be purchased for $0.31.