XRP gains 3.23% as Ripple’s Xpring and Forte, a Blockchain based gaming company partner to foster the growth of micro-payments in the Blockchain gaming industry. Together they have formed a $100 million fund to support Blockchain based game development on the XRP ecosystem.
“We are thrilled to partner with such a world class team of game industry veterans. Both Forte and Ripple have a shared belief that blockchain technology will have a massive impact on games.” said Ethan Beard, Senior Vice President of Ripple’s Xpring.
Transforming the Blockchain Gaming Through Micro-payments
Ripple has usually been associated with financial institutions and banks only. Moreover, the Xpring subsidiary of Ripple is an initiative to promote the development of the applications of the Ripple Network. Hence, it is also developing tools and gathering funds to foster the growth of Blockchain-based applications of the Ripple Network and XRP ecosystem.
Forte will manage the initial $100 million fund. Their primary target is game developers; who are operating live game economies with over 50,000 daily active users. Various game developers and Blockchain visionaries have found immense potential in the implementation of cryptocurrency based micro-payments in the blockchain gaming industry. It can help reduce the cost for developers and transaction costs for gamers as well.
“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,” said Brett Seyler, Chief Platform Officer, Forte. “The industry needs solutions that can support these economies at scale with cross-chain interoperability.”
Ethereum’s Vitalik Buterin also emphasized the impact that Non-Fungible Tokens might have in the gaming industry.
— Mr. BÎJÎ XRP⚡💧 (@GenesisLedger) January 24, 2019
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com