Ripple and Forte form $100m fund to support blockchain-powered games


  The inaugural fund would primarily target game developers operating live game economies with more than 50,000 daily active users

  It would function alongside Forte's platform technologies and would comprise of open-source solutions

Blockchain gaming startup Forte has reportedly announced to have signed an agreement with Xpring cryptocurrency platform of Ripple to create a USD 100 million fund to support game developers who are interested in making games based on blockchain technology.
As per trusted sources, the fund would operate alongside Forte's platform technologies and would include open-source solutions created in partnership with Ripple to fast-track the mainstream adoption of blockchain technology in gaming industry.
Sources familiar with the development claim that Ripple would provide all of the USD 100 million to fund developers of games with blockchain. The San Francisco-headquartered Forte is yet to announce its own funding. However, the startup has funds from investors including Andreessen Horowitz, the venture capital firm of Marc Andreessen.
According to a report by CryptoGlobe, Kevin Chou, who led Gen.G in e-sports and Kabam in mobile games, had revealed in February that he had established a blockchain gaming firm called Forte. Along with industry veterans such as Brett Seyler, Forte would be creating a platform for adoption of blockchain technologies for existing and new games.
The Chief Platform Officer at Forte, Brett Seyler was reportedly quoted saying that the key innovations of blockchain technologies unlock vast potential for almost all forms of digital interaction. A USD 140 billion global industry, gaming sector is primarily driven by digital microtransaction economies, which the company believes would benefit immensely from the resilience and integrity of blockchain technology, Seyler further added.
Reportedly, the inaugural fund would use blockchain to unlock support for new game designs and drive business results. Moreover, the Forte-managed fund would primarily target game developers operating live game economies with more than 50,000 daily active users.

Pranali Mehta:

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