Ripple And Forte Announce $100 Million Gaming Fund

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Ripple on Tuesday, released a statement on a new partnership with blockchain platform Forte to create a $100 million fund to back game developers.According to the company’s press release, Forte which is a San Francisco company which was created earlier this year by high level gaming executives, will be overlooking the fund.  Some of the most prominent investors include  Andreesen Horowitz, Coinbase Ventures and Battery Ventures. Ethan Beard who is a senior executive at Ripple’s development wing Xpring, in an interview with Fortune stated:

“Video games have long been quick to adopt new technology, from console to the PC to mobile. Now, blockchain will help game designers who’ve had a hard time facilitating an economy that can serve all types of players”

According to Forte’s press release, the fund will be focusing on getting game developers that have created a live production game with an in game economy, with over 50000 daily active players. Forte’s tech will be utilizing Ripple’s Inter ledger Protocol while XRP will be used as the currency for transactions. A smart contract platform called Codius will also be utilized to, create a platform through which creators and programmers can build and distribute decentralized applications on.

The fund will distribute XRP to game developers, however Ripple expects most recipients to convert back to Fiat currency, as web servicing platforms, and other expenses only accept payments in fiat. The push to promote blockchain technology adoption through video game developers could represent another major use case for the technology.

 

Sources:

https://medium.com/xpring/partnering-with-forte-44b6d3304bbb

 

3 COMMENTS

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