Ripple Launches $100 Million Blockchain Gaming Fund With Forte

Ripple Launches $100 Million Blockchain Gaming Fund With Forte

Things are heating up in the blockchain gaming space after a recent report revealed that Ripple has teamed up with blockchain gaming startup Forte to launch a $100 million fund.

According to a report by VentureBeat, Ripple’s investment arm, Xpring, will be providing the capital for Forte to deploy across the blockchain gaming ecosystem. Forte, which was created by Kevin Chou, who formerly led Kabam in mobile games and Gen.G in esports, is a platform designed to promote the adoption of blockchain technologies for new and existing games.

7/ Friends – who should we talk to about this fund?? Who has live games with some aspect of a player-driven economy that could use some more money to build great experiences?

Send them my way — email to use is hello@forte.io

— Kevin Chou (@KevinChou) March 12, 2019

The focus of the new fund will be mainly on developers who are building games that are primed to benefit from the addition of blockchain technology, in addition to already having tens of thousands of active users.

“We’re excited to connect with developers who are running live game economies with tens of thousands of daily active users or more and have an active interest in using blockchain technology to improve their business,” Allen Ma, the VP of partnerships at Forte, said in a statement.

5/ We’d love to fund existing games with audience, no matter what size… and because this is a *real* 3rd party fund (as opposed to cash sitting on our balance sheet), we’re very incentivized to deploy it with great game makers in the next 20 months!https://t.co/nYAAsXIPc7

— Kevin Chou (@KevinChou) March 12, 2019

Forte notably raised an undisclosed amount from major venture capital firms, including Andreessen Horowitz, Battery Ventures, Canaan Partners, Coinbase Ventures, 1confirmation and others. The startup’s platform leverages Ripple’s open-source interledger protocol with XRP serving as a base pair settlement. Forte is also focused on cross-chain interoperability, in an effort to create a more expansive blockchain gaming ecosystem.

“We are thrilled to partner with such a world-class team of game industry veterans. Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games, and that providing tools that are easy-to-use, chain agnostic and interoperable is a necessary step in driving scale consumer adoption,” said Xpring SVP Ethan Beard in a statement.

The move by Ripple, albeit out of the company’s current wheelhouse, is likely at least partially in response to TRON (TRX) launching its own $100 million blockchain gaming development fund back in November. Called TRON Arcade, the new fund is designed to spur game development on the TRON network.

Since then, TRON has backed numerous developers and pulled several games away from EOS and Ethereum.

Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.