July 18, 2023 at 16:59 GMTModified date: July 18, 2023 at 17:01 GMT
July 18, 2023 at 16:59 GMT

Ripple puts money into AI-Metaverse technology

Ripple Labs Inc has jumped on the AI-Metaverse bandwagon by investing in Futureverse, known for partnerships with the likes of Keanu Reeves and Snoop Dogg.

Ripple puts money into AI-Metaverse technology

Ripple Labs Inc has officially jumped into the artificial intelligence (AI)-Metaverse bandwagon by investing in Futureverse.

The start-up, which will be leveraging both artificial intelligence and Metaverse technology, raised $54million in Series A funding. According to a Bloomberg report, growth equity fund 10T Holdings led the round.

Futureverse aims to foster the development of “interoperable apps, games and experiences”. It defined itself as a platform that “includes a robust suite of proprietary AI content generation tools designed to enhance the music, objects, characters and animations that make up the metaverse”.

The tech platform is a combination of 11 different start-ups from sectors including blockchain, artificial intelligence, the Metaverse and gaming. It is also known for diverse partnerships with companies and individuals including FIFA, Keanu Reeves, Mastercard, Death Row Records, and Snoop Dogg.

Futureverse previously had a collaboration with Ripple too, which included an integration utilising $XRP.

The cryptocurrency has been enjoying a trade in the green since last week. This follows the long-awaited decision in the Ripple Labs’ ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). In what is regarded as a landmark win and a precedent-setting verdict, Judge Analisa Torres ruled that the sale of XRP on exchanges do not constitute an investment contract and Ripple has not violated securities law by doing so.

The partial win sent the cryptocurrency market soaring, with XRP leading the way by gaining about 66% within 24 hours of the announcement.

Following the news, Coinbase promptly announced its decision to relist XRP after conducting a thorough review of Judge Torres’ ruling. Kraken and Gemini also expressed their intention to explore the possibility of relisting XRP.

At the time of writing, $XRP is now up by over 60% weekly, changing hands for $0.76. Recently, it also overtook $BNB in market capitalisation as it now reigns as the fourth-largest cryptocurrency by market cap, holding around $39billion.