Blockchain firm Forte and Ripple’s developer ecosystem initiative, Xpring, have formed a $100 million fund to support game developers.
Headquartered in San Francisco, Forte is developing blockchain technology platforms and products built for the game industry. The firm is tackling hard technology problems behind the scenes to forge a more collaborative future between game developers, players and creators. The comppany is backed by an ecosystem of investors, advisors, and partners, including a16z crypto, Andreessen Horowitz, Battery Ventures, Canaan Partners, Coinbase Ventures, 1confirmation, and others.
Xpring is Ripple’s initiative to develop infrastructure and collaborate with innovative blockchain projects. Its mission is to create a robust community of developers, entrepreneurs and companies who are transforming industries using blockchain technologies, such as Interledger and XRP Ledger.
The new blockchain fund will operate alongside Forte’s platform technologies and include open-source solutions designed in collaboration with Ripple to accelerate the mainstream adoption of blockchain in gaming. The fund will be managed by Forte and will target game developers operating live game economies with over 50,000 daily active users and an interest in using blockchain to unlock support for new game designs and drive business results.
“Blockchain technologies’ key innovations unlock vast potential for nearly all forms of digital interaction,” said Brett Seyler, Chief Platform Officer, Forte. “Gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology. The industry needs solutions that can support these economies at scale with cross-chain interoperability.”
The companies believe that blockchain technologies present the next vector of innovation and will enable new business models and game economies.
“Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games, and that providing tools that are easy-to-use, chain agnostic and interoperable is a necessary step in driving scale consumer adoption,” said Ethan Beard, Senior Vice President of Xpring.
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