Ripple development initiative Xpring has partnered with games-focused blockchain company Forte to support game development and further push blockchain technology into the mainstream gaming consciousness — to the tune of $100 million.
The inaugural fund will be managed by Forte and will target those game developers with already-successful live game economies who are interested in using blockchain technology to advance both game design and their businesses.
According to an official press release, Forte will leverage Ripple’s Interledger Protocol. Ripple’s XRP coin will serve “as a base pair settlement.”
Container-based hosting solution Codius will also be used to support cross-chain interoperability from the start. On that subject, Forte’s Chief Platform Officer, Brett Seyler, stated:
Blockchain technologies’ key innovations unlock vast potential for nearly all forms of digital interaction. Gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology. The industry needs solutions that can support these economies at scale with cross-chain interoperability.
Forte itself is backed by a whole host of blockchain/cryptocurrency industry players, including a16z crypto, Andreessen Horowitz, Battery Ventures, Canaan Partners, Coinbase Ventures, and 1confirmation.
Individuals backing the company include Coinbase co-founder Fred Ehrsam, Coinbase CTO Balaji Srinivasan, and former Dean of Berkeley’s Haas Business School Richard Lyons.
Though Ripple has certainly not shied away from partnerships in 2018 and 2019, the collaboration between Forte and Xpring appears to be one of legitimate significance, particularly in the ever-growing gaming industry.
No Price Reaction
Despite the news that XRP will serve “as a base pair settlement,” the price of the third-ranked cryptocurrency by market capitalization has failed to react. At the time of this writing, XRP is down 0.64 percent over the last 24-hours.
It appears as though announcements, unless truly groundbreaking, should not cause a price pump for XRP in the medium-term — particularly following the long-awaited announcement that Coinbase would list the coin.