Ripple, the US-based blockchain firm, announced yesterday that the company has invested in Mintable, one of the emerging non-fungible token (NFT) minting platforms.
According to an official statement, Mintable raised $13 million in the latest Series A funding round. Ripple, NFT investment fund Metapurse, Animoca Brands and Shutterstock Executive Chairman, Jon Oringer participated in the investment round.
The recent announcement from Ripple came nearly one month after the blockchain company mentioned that it is planning to support NFTs on XRP Ledger (XRPL). In May 2021, Ripple announced that developers will be able to run more sustainable NFT apps and marketplaces through XRPL.
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Founded by Zach Burks, Mintable is headquartered in Singapore. Since the start of 2021, the company has seen immense growth due to a surge in demand for non-fungible tokens (NFTs).
“Throughout 2021, NFTs have reached mass appeal and has touched almost every sector spanning entertainment, fine arts, sports and many more. As the technology continues to mature and space rapidly evolves, this is a critical company milestone for Mintable, and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users,” Burks said.
Apart from Ripple and Metapurse, several other investors including Double Peak, 640 Oxford Ventures, Digital Finance Group and Spark Digital Capital joined the investment round.
Ripple’s Partnerships in Asia
Over the last few months, Ripple has formed several partnerships with different companies in Asia. In March 2021, the blockchain company announced the acquisition of a 40% stake in Tranglo, one of the biggest cross-border payment firms in Asia. In a recent interview, Brad Garlinghouse, CEO of Ripple, said that the company is growing in Asia. “NFTs are giving rise to powerful new business models for creators. Accelerating the growth of this creator economy starts with an infrastructure that removes the barriers to entry, such as high gas fees and environmental costs of creating NFTs, faced by many today. Our investment in Mintable is a testament to our shared vision for cost-efficient and sustainable NFTs to enable profitability for creators and mainstream accessibility to crypto,” Monica Long, GM of RippleX at Ripple, commented on the recent funding announcement.