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Sports Metaverse company secures $200M funding

17-Sep-2022 By: Shikha Jha
Sports Metaverse com

Gem Global Yield LLC (GGY), an alternative investment company, 

Has pledged $200 million to the sports metaverse firm LootMogul. 

The funding aims to accelerate the adoption of blockchain gaming for sports organizations and athletes.

This news was announced in a press release on Friday (September 16), with the goal of providing sports fans with an immersive experience.

According to the terms of the agreement, GGY would offer LootMogul a share subscription facility of up to $200 million for 36 months following a stock exchange listing. The listing enabled LootMogul to raise capital by offering equity shares to GGY. LootMogul regulates the timing and maximum size of such drawdowns but has no minimum drawdown obligation.

Furthermore, the funding will hasten the expansion of LootMogul's sports game metaverse. In a statement, the company stated:

The funding will be used to help construct virtual sports towns throughout the world with real-world advantages and brands. It also assists professional players on a true cross-metaverse multi-chain platform accessible via Oculus, HoloLens, Web, Mobile, and Console.

According to Raj Rajkotia, CEO of LootMogul, GGY's financial commitment enables athletes, fans, and sponsors by providing immersive interaction and tools to connect experiences between web3 metaverses and the real world.

GGY, which has 3.4 billion in assets, has funded various cryptocurrency companies. Through the sale of the H20N token in June, the firm invested $300 million in the CeDeFi exchange Unizen. Additionally, the group invested $150 million in the South African firm H20 Securities.

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