Sports Metaverse company secures $200 million funding
The company said that the funding is expected to boost the development of LootMogul's metaverse focused on sports games, including "building meta (virtual) sports cities around the world with real-world benefits, brands & professional athletes on a true cross metaverse & blockchain (multichain) platform on multiple devices.
The deal will allow LootMogul to withdraw funds by issuing equity shares to GEM without a minimum drawdown obligation, and allowing the startup to control when and how much funds will be used. The move follows a partnership announced in August with the open-source blockchain DigitalBits for the creation of the MOGUL tokens, a native token for its gaming ecosystem. The token is set to be added with an XDB/MOGUL liquidity pool on the decentralized exchange NicoSwap.
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