MPL Gaming Firm Will Attract Investments From FTX: Report

The MPL Gaming company will likely attract investment from FTX Exchange in its Series E Extension and a valuation of $2.5 billion as we can see further in today’s latest crypto news.

Crypto exchange FTX is in talks to invest in the Indian MPL Gaming firm, according to sources familiar with the matter. MPL or Mobile Premier League is in talks with investors such as FTX as it looks to push into Web3 gaming and earlier this year, FTX created a gaming unit to boost the adoption in gaming.

The Indian gaming company counts Sequoia Capital India and RTP Global among the investors and has a few mobile video games under its belt in genres ranging from card games, sports, and fantasy games. The company earmarked up to $265 million from its fantasy cricket league where the players can win up to Rs 1 crore. MPL aimed to raise the investment as an extension of the Series E round with a valuation of $2.5 billion.

As recently reported, Crypto exchange FTX Acquired the developers of Storybook Brawl Game – Good Luck Games and in the new deal, the platform will become a part of FTX Gaming while Storybook will receive some blockcahin-based integrations. Exactly how will the game transform into a web3 game is unclear but Is possible that FTX Gaming is looking to adapt each card in the game into NFT.

NFTs are unique tokens that exist on the blockchain like ETH and can be purchased and sold via online marketplaces. According to the ZDNet report, Storybook Brawl’s transition to the blockchain is in the early stages and the ideas are in the prototyping stage. The FTX CEO Sam Bankman-Fried saw the acquisition of Storybook Brawl as a representation of where FTX wants to go with the gaming division.

Founded in 2018 by Sam Bankman Fried, the FTX exchange launched the FTX Ventures fund worth $2 billion and at the same time, the exchange also announced that it raised $400 million in Series C funding which gave the exchange a valuation of $32 billion. FTX US is the American affiliate that offers crypto trading but also poses as an NFT marketplace and payment services via FTX Pay. FTX Ventures invested $100M in Dave and together with it, they will explore ways to introduce crypto and other digital assets to the platform.