Back in the game: Ripple joins $54M funding round for Metaverse startup

Ripple has mostly been busy with its litigation with the United States Securities and Exchange Commission (SEC). However, with a partially favorable ruling from Judge Analisa Torres last week, which ruled that XRP tokens sold on the secondary market are not securities, the crypto firm has turned its attention to other things. This time, Ripple has stepped into the metaverse sector, joining a massive funding round for Futureverse.

Ripple joins $54M funding round for Futureverse

on Tuesday, Bloomberg informed of Metaverse startup Futureverse raised a total of $54 million. The company completed a Series A funding round, though at an undisclosed valuation. But the interesting part of the hike was the parties involved.

The hike was led by crypto investment firm 10T Holdings. However, it seems that the funding round has managed to attract the attention of Ripple Labs as well. The increase is also significant in the sense that it comes at a time when crypto-related companies are seeing a decline in funding.

Interestingly, the Futureverse startup is a combination of other startups. As Bloomberg reports, Futureverse is actually a combination of 11 startups that are spread across different industries. These include the metaverse, gaming and artificial intelligence (AI), among others.

XRP price sitting at $0.79 | Source: XRPUSD on TradingView.com

Still, most of Futureverse’s products so far seem to be a combination of the metaverse, gaming, and AI. The startup currently has a football (soccer) game that can be played on mobile called ‘AI League’, which is also licensed by FIFA. Its next Gamine product is said to be a boxing game leveraging the power of AI.

return to positive emotion

Ripple has again taken hold in the crypto industry following the court ruling against the SEC last week. With this, both the company and its native token, XRP, have experienced renewed vigor in the market. One example is that Ripple is looking to leverage real-world assets that it hopes to reach a market capitalization of $30 trillion over the next decade.

Following the decision, the price of XRP surged by more than 60%, sending the digital asset to its highest level since December 2021. Since then, XRP has continued its uptrend, overtaking bitcoin in terms of average weekly volume, and emerging as one of the top performers in the region.

Currently, the price of XRP is $0.791, showing an increase of 4.92% in the last 24 hours. On the 7-day chart, the cryptocurrency is witnessing a gain of 67% and is now the 4th largest cryptocurrency with a market cap of $41.5 billion.