Saturday, September 23, 2023

FTX Might Invest in Indian MPL


The Indian Mobile Premier League, or MPL, is making strides toward web3 integration.

The platform, according to media reports, is looking to raise capital from a variety of investors, including crypto powerhouse FTX.

A Game-changer in the Making

If reports of a potential investment from FTX are true, the gaming platform will receive a lot of attention. Simultaneously, provide the necessary impetus for the company to expand its offerings into new, popular sectors.

MPL now has more than 60 games in various categories. This includes games based on cards, fantasy, and sports. However, a source claims that the startup has informed several current and potential partners of its plans to develop play-to-earn and NFT-based games before the end of the year. Furthermore, the talks are still in the early stages.

According to another source, MPL is backed by Sequoia Capital India and RTP Global. It’s looking for fresh investors to help it expand its $2.5 billion Series E value. The FTX camp, on the other hand, has remained silent on the subject. Furthermore, an MPL spokeswoman stated in a statement that it is corporate policy not to comment on rumors.

In its December investor presentation, MPL stated that it was developing the game distribution platform of the future. Every month, about 500 million tournaments will be held on this platform. The firm has over 5 million monthly active paid users, according to the presentation. It generates roughly $5 in monthly revenue each user.

If this transaction goes through, it will officially signify FTX’s entry into the Indian startup market, which is estimated at $32 billion. It has primarily participated through partnerships and sponsorships.

A Go-To for Crypto Investors

Due to its untapped potential, India has become a prominent focus for crypto firms. Its rapidly expanding economy and population have turned it into a battleground for many exchanges vying for first-mover advantage in the Asian country.

One of FTX’s competitors, Coinbase, has so far committed around $150 million in India. CoinSwith Kuber and CoinDCX, two of the top local exchanges, are among its investments.

Coinbase’s CEO, Brian Armstrong, issued a statement today detailing the company’s expanding aspirations to extend its presence in India. According to him, India has developed a strong identity and digital payment infrastructure. It also did it at a high pace and size. They believe that crypto and web3 technologies, when combined with India’s world-class IT expertise, may help India achieve its economic and financial inclusion goals faster.

According to Armstrong, Coinbase intends to hire over 1,000 staff in its Indian center. This contributes to the region’s crypto future. He described India as a “wonderful” country where he feels crypto has a bright future.

In Bangalore, the crypto powerhouse aims to organize a crypto community gathering. On the 7th of this month, they will address the future of crypto and web3 in India. This event will include a number of distinguished guests and will promote the use of crypto and web3 applications.

Additionally, Coinbase Ventures, Coinbase’s investment arm, has teamed with Builders Tribe, an incubator for aspiring startups. On Friday, April 8th, they will host a startup pitch event.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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