FTX May Invest In Mobile Premier League (MPL), India’s Largest E-Sports Gaming Platform
The Mobile Premier League (MPL) in India is looking for investors to fund capital at a $2.5 billion valuation. According to sources, MPL is in talks with a number of investors, including the crypto exchange FTX. It’s part of the Unicorn company’s strategy to create and promote Web 3 gaming.
MPL Is Looking to Raise a $2.5b Fund
According to TechCrunch, reports have confirmed that the Indian firm is trying to enter the cryptocurrency-linked industry. MPL now operates over 60 mobile games of various genres. Meanwhile, it intends to launch NFT and play-to-earn games by the end of this year. The report continues to state that MPL is looking for more investment as part of an extension of its Series E round. The funding will be raised at a valuation of $2.5 billion.
It is interesting to see such a move by an Indian company so soon after the new 30% tax and 1% TDS crypto laws were imposed for digital asset gains and transactions, respectively. Meanwhile, MPL’s competitor fantasy game platform Dream11 intends to invest approximately $100 million in Rario, an NFT-based firm. Meanwhile, FanCraze, a Cricket NFT startup, intends to enter the gaming market as well.
MPL reported that it makes $5 in average revenue from each “cash playing” active monthly user, with over 5 million “cash playing” active monthly users. Every month, the company hosts about 500 million tournaments. However, according to the report, officials refused to comment on any speculation.
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