NewsletterBreaking: FTX May Invest In India’s Largest Fantasy Sports Platform
India’s Mobile Premier League (MPL) is looking for investors to raise capital around at a $2.5 billion valuation. As per reports, MPL is in talks with several investors including crypto exchange FTX. It’s part of the Unicorn firm’s plan to develop and boost Web 3 gaming.
MPL looking to raise funds at $2.5 b valuation
According to TechCrunch, sources have revealed that the Indian startup is looking to enter the trending crypto linked offerings. MPL currently runs more than 60 mobile games of different genres. Meanwhile, it has future plans to launch NFT and play to earn based games by the end of this year.
The report later discloses that MPL seeking new investment is an extension of its Series E round. The funding will be raised at a $2.5 billion valuation.
It is interesting to see such a move made by an Indian firm just after the new 30% tax and 1% TDS crypto rules were applied to digital asset gains and transactions respectively. Meanwhile, MPL’s rival fantasy gaming platform Dream11 is planning to invest around $100 million in an NFT based startup Rario. Meanwhile, FanCraze, a Cricket NFT startup is also planning to set its foot into gaming.
With over 5 million “cash playing” active monthly users, MPL disclosed it generates $5 average revenue from each player. The firm runs over 500 million tournaments every month. However, As per the report, the officials refused to comment on any kind of speculation.
FTX CEO plans to give away all his earnings
According to Bloomberg, Sam Bankman-Fried, CEO of FTX, has a fortune of more than $20 billion. Meanwhile, he does not have any interest in being rich anymore. Sam plans to keep just sufficient cash for daily needs, 1% of his earnings or a minimum of $100,000 a year. He still aims to give away all his wealth be it in form of dollars or Bitcoin.
According to CoinsMarketCap FTX’s native token, FTT is the 27th largest cryptocurrency. It has a total market capitalization of over $6.8 billion.
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