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Utilize the virtual currency XRP
Futureverse, a metaverse company that utilizes blockchain and AI (artificial intelligence), announced on the 18th that it has raised approximately 7.5 billion yen ($54 million) in a series A round.
This funding was led by 10T Holdings, with participation from Ripple. The funds raised will be used for AI, metaverse, and blockchain technology development.
We are excited to support the @futureverse vision!
https://t.co/UpBwGwAgtg
— Ripple (@Ripple) July 18, 2023
Futureverse believes in the potential of the open metaverse and has developed the “Futureverse Platform”. The Futureverse Platform enables the provision of apps and experiences such as games.
What is Open Metaverse
A metaverse in which multiple projects and services interoperate. A platform operated by a single company is called a “closed metaverse.”
Cryptocurrency Glossary
In addition to this platform, it has also developed a public blockchain, “The Root Network”. The Root Network is also optimized to be the foundation for Metaverse apps, games and experiences.
The Root Network is a blockchain compatible with the Ethereum (ETH) Virtual Machine (EVM). In addition, as previously announced, XRP Ledger (XRPL) will also be supported through a partnership with Ripple, and at that time, along with XRPL’s NFT (Non-Fungible Token) standard “XLS-20”, the crypto asset (virtual currency) XRP will be used to pay for gas.
connection: Ripple partners with FLUFWorld to build an XRPL-based metaverse
Stakeholder comments
In today’s announcement, the Futureverse co-founder commented:
The Metaverse can improve the quality of digital experiences such as gaming, payments, and wealth management, and has the potential to transform the way humans interact and collaborate with others.
Realizing this potential requires an open, scalable, and interoperable infrastructure. With the support of 10T Holdings and Ripple, we would like to realize the provision of the Metaverse.
Also, Ripple President Monica Long commented as follows.
The Futureverse project, which tackles big concepts like the Metaverse, is still in its early stages, but we want to contribute to the development of the underlying infrastructure.
Ripple will provide true utility to end-users of the Open Metaverse.
It seems that other investors have also invested, but they are not listed in this announcement, and the valuation is not disclosed.
Futureverse expanded its strategic partnerships globally last year. Partners include Mastercard, FIFA, Wimbledon, Keanu Reeves, Death Row Records and Snoop Dogg.
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