Bahamas-based firm GEM Digital increases investment in UAE Everdome metaverse project
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GEM Digital, a digital asset investment firm based in the Bahamas, has increased its investment in the United Arab Emirates-based Everdome metaverse project by $50 million. This follows an initial $10 million investment in the metaverse platform designed to unite people and brands. Everdome has also attracted investments from BNBChain, OKx, and Unreal Engine.
Funding to enhance infrastructure and user experience
Everdome plans to utilize the investment to enhance its infrastructure, enabling the platform to handle heavy traffic loads in a high-fidelity environment. The company has already drawn down the initial $10 million from GEM Digital for the development of the metaverse project.
GEM’s increased commitment comes after Everdome’s recent management reshuffle, which saw Jeremy Lopez appointed as CEO.
This move demonstrates GEM’s strong support for the new management’s past achievements and commitment to the project’s vision moving forward. Lopez had fostered the relationship with GEM in his prior role as COO, where he also helped secure partnerships with the Alfa Romeo F1 Team and OKx as a strategic partner.
Investment focus on core development, scalability, and growth
The additional funding will concentrate on essential aspects required to elevate Everdome’s success, including product development, scalability, and growth. Key objectives include delivering the core product to the public as soon as possible, enhancing infrastructure for heavy traffic loads, providing tools for users to create and build within Everdome, and expanding the user base and partners.
The investment from GEM Digital comes as a structured token subscription agreement. Everdome will have control over the timing and quantity of drawdowns under this facility and is under no obligation for a minimum drawdown. Everdome also has the option to sell up to 200% of its average daily token volume across multiple exchanges to GEM Digital.
Everdome CEO Jeremy Lopez expressed his appreciation for GEM Digital’s increased investment commitment, stating it demonstrates a strong belief in Everdome’s concept, growth, and the management team’s ability to scale the company rapidly. Also, he highlighted GEM’s role in helping with partnership discussions and opening doors to new partners and exchanges, going beyond mere financial support.