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Ripple announces $100 million fund as it partners Forte to dive into gaming industry

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Ripple announces $100 million fund as it partners Forte to dive into the gaming industry
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Ripple announced on March 12, 2019 that it was planning to integrate blockchain technology into video games, in partnership with Forte. For this, Ripple set aside a fund of $100 million, which will be managed by Forte, a company that specializes in the adoption of blockchain technology in the gaming industry.

Forte is advised and backed by a host of big Silicon Valley names, including Andreessen Horowitz, Coinbase Ventures and Battery Ventures.

In an interview with Fortune, Ethan Beard, a senior executive with Ripple’s development arm Xpring, stated,

“Video games have long been quick to adopt new technology, from console to the PC to mobile. Now, blockchain will help game designers who’ve had a hard time facilitating an economy that can serve all types of players.”

The San Francisco-based gaming company relies heavily on technologies developed by Ripple, including Coil, Interledger Protocol [ILP], and Codius. Ripple’s Xpring is aimed at developing XRP-centered products. According to Ethan Beard, Xpring will distribute the grants to various game developers in the form of XRP. He further acknowledged that most users might convert it into USD.

Danny Aranda, a Ripple member and an Editor of Xpring, stated in a recent blog:



“Forte’s platform design aligns well with where crypto is headed, with a sharded, application-specific architecture and coherent protocol-based abstractions for cross-chain interactions.
Towards this, we’ve worked with the Forte team from early on to deeply embed Interledger, Codius and XRP in the platform architecture to maximize cross-chain interoperability, security and liquidity.”

@XRPCenter, an XRP enthusiast, elucidated:

“Forte is:
1)Building wallet that’ll be integrated w/games & use ILP
2)Building container-based hosting solution compatible w/Codius
3)Building security-audited smart contract framework
4)Securing licenses for regulatory compliant operations
5)Offering market making services”

Wellington Sculley, BD for Ripple, tweeted:

“Very exciting to see an ecosystem of innovation-platforms evolving around XRP, @Interledger , and @codiusproject (with a little help from Xpring)”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ripple

Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

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Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
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The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.



If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.





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