Sports Metaverse startup LootMogul has received a $200 million investment commitment from Gem Global Yield, which has provided the company with a 36-month facility for up to $200 million in equity securities following an equity exchange listing.
The company said the funding is expected to boost the growth of LootMogul’s Metaverse, which focuses on sports games. Multichain) platform on multiple devices such as Oculus, HoloLens, Web, Mobile & Console, the company explained in a statement.
The deal allows LootMogul to release the funds by issuing equity shares to GEM with no minimum down payment obligation, and allows the startup to control when and how much funds are used.
The move follows MOGUL tokens announced in August along with open source blockchain DigitalBits, a native token for the gaming ecosystem. The token is set to be added to the XDB/MOGUL liquidity pool on the decentralized exchange Nicoswap.
With 3.4 billion funds, GEM has become a source of capital for other startups in the crypto space. In June, the group invested $200 million in the CeDeFi exchange Unizen, and $150 million in the H20N token sale on South Africa-based H20 Securities.