Ripple invests in $54M series A round for Futureverse
Ripple invested in the $54 million series A round for Futureverse.
10T Holdings led the funding round, which Futureverse says will go into scaling AI and metaverse technologies.
Ripple has integrated Futureverse blockchain The Root Network and will see use of XRP as gas token.
Futureverse, a company leveraging artificial intelligence (AI) and metaverse technology to advance growth in the gaming industry, has closed a $54 million series A funding round.
The round was led by 10T Holdings, a leading late stage growth equity fund, and attracted the participation of Ripple. Futureverse plans to deploy the funds towards initiatives targeted at scaling AI and metaverse technologies.
Per today’s announcement, the company plans to tap into the partnership with 10T and Ripple “to take the metaverse from an abstract idea to a practical, accessible, and interactive destination.”
Futureverse’s AI-metaverse ecosystem
Futureverse has plans to become the world’s largest metaverse AI technology provider, layer 1 architect and creative studio. According to the company, this goal includes creating tools that support an open, scalable and interoperable infrastructure.
It is a goal that has seen it quietly roll up 11 startups into one ecosystem that’s currently among the largest collaborative ecosystems for the metaverse. Some of these companies include AI-protocol Altered State Machine, creative studio Non-Fungible Labs, decentralized communications protocol Sylo, and digital asset payments SDK Centrapay.
As part of the push to form a leading metaverse community, including for AI gaming powered by digital collectibles, Futureverse recently partnered with FIFA to launch an AI-powered consumer game dubbed AI League.
The company also has a partnership with Muhammad Ali Enterprises in a deal set to see them launch “Muhammad Ali – The Next Legends”, which will become the first-ever AI-powered boxing game.
Partnership with The Root Network and Ripple
As well as other key collaborations, Futureverse is looking to tap into the benefits of blockchain technology via the integration of its The Root Network and Ripple’s XRPL.
The Root Network is a blockchain and suite of protocols offering ready-made runtimes. Developers will be able to tap into this platform to build next-generation metaverse apps and games, the company noted.
The integration with XRPL allows for XRP to be used as a gas token and the XLS-20 NFT standard, the two companies said in a statement. And in a comment, Monica Long, president of Ripple, said:
“We are excited to continue to support the Futureverse vision and celebrate the Root Network’s integration with the XRP Ledger. While we’re at the earliest stages of what a project like this — and really the larger concept of the metaverse — can achieve, we at Ripple are thrilled to contribute to the foundational infrastructure layer and provide real utility to the end users of the open metaverse.”
