Ripple Will Partner With Blockchain Gaming Platform And Provide $100 Million USD In Funding
Ripple’s Xpring has recently announced a new partnership today. The blockchain company will start its relationship with Forte, a blockchain gaming platform. As a part of the deal, Ripple will provide a total of $100 million USD as an investment for Forte.
As reported by The Block Crypto, Forte is a very young startup. The company was created in February and it is currently being led by Kevin Chou, which has worked in the mobile gaming and esports company Kabam in the past.
Other important people from the leadership are Brett Seyler (former Unity GM and GarageGames employee), Kent Wakeford (former Kabam staff), Weiwei Geng and the technology venture capital fund Mahesh Vellanki.
During the announcement of the partnership, Chou has told the media that the gaming micro-transaction industry has matured and consolidated itself over time and that, because of this, the sector has stopped to innovate and it has grown stagnant.
Now, the idea is to use the blockchain technology to innovate in this sector once more. According to Chou, the blockchain technology will be ideal because it is very interesting and it may provide some very important opportunities and growth vectors for the industry.
Seyler has affirmed that the blockchain has the potential to unlock innovations and that gaming is a $140 billion USD global industry, so there is plenty of potentials to be had, especially by enhancing the way that microtransactions are done. With the blockchain technology, the costs of these transactions can also be cheaper, which will improve the whole operation.
The Partnership Between Forte And Ripple
Ripple has two obligations in the partnership: it will fund the operations with the $100 million USD we have already talked about and it will help to create the product together with Forte, which will manage the fund and be the main company in creating the blockchain platform for gaming.
One of the main goals that Forte have is to create easier ways for developers to create and deploy games on the blockchain. Another specific point which will be very important for the industry is to increase the engagement with the titles post-launch.
According to The Block Crypto, Forte will use the Interledger Protocol combined with XRP in order to form the basis for its services. The cross-chain settlement will be enabled via Codius.
This partnership comes at a time in which several blockchain companies are turning to gaming. The industry does not use the blockchain a lot, so there is plenty of space to use the technology in order to improve the industry.