Sports metaverse company has received $200 million in funding

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Last Updated on September 17, 2022 by Bitfinsider

LootMogul, a sports metaverse startup, has received a $200 million investment commitment from Gem Global Yield, which will provide the company with a share subscription facility of up to $200 million over a 36-month period following an equity exchange listing.

The funding is expected to accelerate the development of LootMogul’s sports-focused metaverse, including “building meta (virtual) sports cities around the world with real-world benefits, brands, and professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile, and Console,” according to the company.

The agreement allows LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligation, and it gives the startup control over when and how much money is spent.

The move follows an announcement in August of a collaboration with the open-source blockchain DigitalBits for the creation of MOGUL tokens, a native token for its gaming ecosystem. The token will be added to the decentralized exchange NicoSwap’s XDB/MOGUL liquidity pool.

GEM, with 3.4 billion in funds, has been a source of capital for other crypto startups. Through the sale of the H20N token, the group invested $200 million in the CeDeFi exchange Unizen and $150 million in the South African-based H20 Securities in June.

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