Ripple announces $100 million fund as it partners Forte to dive into gaming industry
Ripple announced on March 12, 2019 that it was planning to integrate blockchain technology into video games, in partnership with Forte. For this, Ripple set aside a fund of $100 million, which will be managed by Forte, a company that specializes in the adoption of blockchain technology in the gaming industry.
Forte is advised and backed by a host of big Silicon Valley names, including Andreessen Horowitz, Coinbase Ventures and Battery Ventures.
In an interview with Fortune, Ethan Beard, a senior executive with Ripple’s development arm Xpring, stated,
“Video games have long been quick to adopt new technology, from console to the PC to mobile. Now, blockchain will help game designers who’ve had a hard time facilitating an economy that can serve all types of players.”
The San Francisco-based gaming company relies heavily on technologies developed by Ripple, including Coil, Interledger Protocol [ILP], and Codius. Ripple’s Xpring is aimed at developing XRP-centered products. According to Ethan Beard, Xpring will distribute the grants to various game developers in the form of XRP. He further acknowledged that most users might convert it into USD.
Danny Aranda, a Ripple member and an Editor of Xpring, stated in a recent blog:
“Forte’s platform design aligns well with where crypto is headed, with a sharded, application-specific architecture and coherent protocol-based abstractions for cross-chain interactions.
Towards this, we’ve worked with the Forte team from early on to deeply embed Interledger, Codius and XRP in the platform architecture to maximize cross-chain interoperability, security and liquidity.”
@XRPCenter, an XRP enthusiast, elucidated:
1)Building wallet that’ll be integrated w/games & use ILP
2)Building container-based hosting solution compatible w/Codius
3)Building security-audited smart contract framework
4)Securing licenses for regulatory compliant operations
5)Offering market making services”
Wellington Sculley, BD for Ripple, tweeted:
“Very exciting to see an ecosystem of innovation-platforms evolving around XRP, @Interledger , and @codiusproject (with a little help from Xpring)”
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