FTX in Negotiation for Possible Investment in Indian Mobile Gaming Startup MPL, Coinbase CEO Bullish on Crypto’s Future in India
Indian Mobile Premier League, MPL, is making progress in its push for web3 integration. According to media sources, the platform is seeking to raise funds from various investors including crypto giant FTX.
A potential game-changer
If news of a potential investment from FTX is true, it would provide the gaming platform with massive publicity and give the needed push to expand its offerings in new trending categories.
MPL currently operates over 60 games in different categories, including card-based, fantasy and sport-based games. However, according to a source who pleaded anonymity, the startup has notified some of the existing and potential partners of its intention to launch play-to-earn and NFT-based games before the end of the year, as negotiations are still in the early stages.
Another source also revealed that MPL, reportedly backed by Sequoia Capital India and RTP Global, seeks to raise new funds to extend its $2.5 billion Series E valuation. The FTX camp has, however, refused to comment on the issue. Moreover, an MPL spokesperson, in a statement, said, “as a company policy, we do not comment on speculations.”
MPL disclosed in its December investor presentation that it was building “the game distribution platform of tomorrow,” which will host over 500 million tournaments each month. The presentation also revealed that the startup already has over 5 million monthly active paid users, with a monthly average revenue per user of about $5.
If this investment materialises, it would officially mark the entry of the $32 billion valued FTX into the Indian startup space, where it has largely been involved via partnerships and sponsorships.
Indian Gradually Becoming A Go-To For Crypto Investors
India has become a major region of interest for crypto companies due to its untapped potential. Its fast-growing economy and populace have turned it to a battleground for different exchanges seeking first-mover advantage in the Asian nation.
Coinbase one of FTX’s competitors has invested about $150 million in India so far. Its investment includes two of the top local exchanges CoinSwith Kuber and CoinDCX.
Brian Armstrong, the CEO of Coinbase released a statement today, highlighting the growing plans to expand its presence in India. According to the statement,
“India has built a robust identity and digital payments infrastructure and implemented it at rapid scale and speed. Combined with India’s world-class software talent, we believe that crypto and web3 technology can help accelerate India’s economic and financial inclusion goals.”
Armstrong further noted that Coinbase intends to hire over 1,000 employees within its Indian hub and help build the future of crypto in the region.
“We have ambitious plans for India and seek to hire over 1,000 people in our India hub this year alone. India is a magical place, and I believe crypto has a big future here. We’re excited to help build that future, and this event is an important step.”
The crypto powerhouse plans to host a crypto community event in Bangalore to discuss the future of crypto and web3 in India on the 7th of this month. This event will feature many special guests, and foster the adoption of crypto and web3 applications.
In addition, Coinbase Ventures, the investment segment of Coinbase has partnered with Builders Tribe, an incubator company for intending startups, to host a startup pitch event on Friday, April 8th.
