Payments company Ripple has set its sights on a new domain: video games.
Ripple’s Xpring initiative, which focuses on supporting blockchain projects in a variety of industries, yesterday announced that it will invest $100 million in unspecified game developers working with blockchain. The fund, though provided fully by Ripple, will be managed by Forte, a company that launched last month and is developing blockchain products and platforms for the gaming industry. Forte’s CEO, Kevin Chou, founded mobile gaming company Kabam, and Forte cofounder Brett Seyler has held executive roles at gaming companies like GarageGames, Unity, and Beyond Games. The company is funded by backers including a16z Crypto, Coinbase Ventures, and Coinbase cofounder Fred Ehrsam.