Oluwapelumi Adejumo · 6 hours ago · 2 min read
Xpring, Ripple’s developer ecosystem initiative, has partnered with blockchain platform Forte to form a $100 million fund to support game developers. According to the company’s press release, the fund will operate alongside Forte’s platform technologies and include Ripple’s open-source solutions, including XRP, aimed at mainstream adoption for blockchain gaming.
Ripple Announces $100 Million Blockchain Gaming Fund with Forte
.@FortePlatform recognizes the massive opportunity for #blockchain in the gaming space and is building the foundation for developers worldwide. #Xpring is excited to accelerate that momentum! https://t.co/sSm8uT1JYG
— ethanbeard (@ethanbeard) March 12, 2019
One of the biggest players in the crypto industry, Ripple, has decided to diversify its business model and get into the blockchain gaming world. The company behind XRP announced the launch of a $100 million blockchain fund that is aimed at game developers.
According to the company’s press release published on Mar. 12th, the fund will be overseen by Forte, a provider of blockchain-based platform technology for the gaming industry. The San Francisco company is backed by some of the most notable investors in Silicon Valley, including a16z crypto, Andreessen Horowitz, Battery Ventures, Canaan Partners, Coinbase Ventures, 1confirmation, and others.
Brett Seyler, the chief platform officer at Forte, said that the company got involved in gaming as it’s a $140 billion global industry that could benefit from blockchain technology. “The industry needs solutions that can support these economies at scale with cross-chain interoperability,” he said in the company’s press release.
Ethan Beard, the senior vice president of Ripple’s development arm Xpring, told Fortune that blockchain will help game designers who’ve had a hard time facilitating a digital economy that can serve all types of players.
a16z-Backed Forte to Equip Game Developers with Blockchain Platform Tools and Funding
According to the company’s press release, the fund is primarily targeted at game developers operating live game economies with over 50,000 daily active users. Exploring the use of blockchain in such circumstances could enable new game designs and provide a better opportunity to monetize.
Forte’s technology will be leveraging Ripple’s Interledger Protocol while XRP serves as a base pair settlement. A smart contract service called Codius will be used to support seamless XRP transactions across blockchains, the company explained.
The grants will be distributed to game developers in the form of XRP, Beard told Fortune. However, he added that Ripple expects most recipients to convert the XRP into US dollars, as platforms such as Amazon Web Services only accept payments in fiat.
Allen Ma, the Vice President of Partnerships at Forte, said that the company is actively looking for developers that meet its criteria. This means that Ripple has taken on a serious approach to expanding to the gaming world. Judging by the mixed popularity of blockchain games based on Ethereum, especially CryptoKitties, Ripple’s XRP could be tapping into a significant user base while competing in the sector.
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