US-based blockchain technology startup Forte has joined Xpring, the corporate venturing arm of digital payment services provider Ripple, to launch a $100m investment fund, VentureBeat reported on Tuesday.
Founded in 2018, Forte has developed tools that enable game developers to improve game designs and help run better and more profitable in-game economies through the use of blockchain technology.
Ripple will provide all of the capital for the vehicle, which will focus on game developers with more than 50,000 active users that are looking to integrate blockchain technology into their games to increase engagement and monetisation.
The fund will operate alongside Forte’s existing offering, which includes components designed in collaboration with Ripple.
Ethan Beard, senior vice-president of Xpring, said in a statement seen by VentureBeat: “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.”
Forte is yet to disclose details of any funding rounds, though it has secured an undisclosed amount of equity financing from venture capital firm Andreessen Horowitz.
Ripple launched Xpring in May 2018 to incubate, acquire and supply equity and grant funding to startups or projects that use the company’s XRP digital asset and ledger technology.