LootMogul, a sports metaverse business, 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 commitment, and it gives the startup flexibility 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 coins, a native token for its gaming environment. The coin will be introduced to the decentralized exchange NicoSwap’s XDB/MOGUL liquidity pool.
GEM, with 3.4 billion in funds, has become a source of finance for other crypto businesses. 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.