GEM Digital Limited (GEM), a Bahama-based digital assets investment firm, has increased its investment commitment in UAE-based metaverse startup Everdome from $10 million to $60 million.
GEM’s investment, which comes in the form of a further structured token subscription agreement, will further be utilised in accelerating the development of the startup’s metaverse projects.
In August 2022, GEM committed $10 million to Everdome, of which the majority has already been drawn down by Everdome and utilised GEM’s investment proceeds towards the development of the metaverse project.
GEM’s investment will be focused on actions that move Everdome from a conceptual, visionary project into its new phase of delivery and expansion, as they build on the solid foundations created through 2022 to expand the company in key areas.
The investment will focus on taking Everdome to a next level: product development, scalability, and growth.
These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside Everdome as well as growth in users and partners.
GEM’s investment comes in the form of a further structured token subscription agreement. Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation.
At its discretion, Everdome has the ability to sell up to 200% of their average daily volume, in tokens across multiple exchanges to GEM Digital.
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