Sports Metaverse Startup LootMogul Safe A $200 million investment commitment from Gem Global Yield provides the company with an equity subscription facility of up to $200 million for 36 months after listing on the stock exchange.
The company said the funding is expected to boost the development of LootMogul’s metaverse, which will focus on sports games.Multichain on multiple devices including Oculus, HoloLens, Web, Mobile & Console ) platform,” the company said in a statement.
The deal will allow LootMogul to withdraw funds by issuing shares to GEM with no minimum withdrawal obligations, giving startups control over when and how much to spend.
The move follows a partnership announced in August with open-source blockchain DigitalBits for the creation of the MOGUL token, the native token of the gaming ecosystem. The token is set to be added to his XDB/MOGUL liquidity pool on decentralized exchange Nico Swap.
With 3.4 billion dollars, GEM is a source of funding for other startups in the crypto space. Group in June invested $200 million for CeDeFi exchange Unizen and $150 million for South Africa-based H20 Securities sale of H20N tokens.