Ripple Joins Singapore NFT Marketplace Mintable’s US$13 Million Series A Fundraiseby Fintech News Singapore July 2, 2021
Ripple announced that it has made an investment in Mintable, a Singaporean non-fungible tokens (NFTs) marketplace that allows users to seamlessly create, buy, and sell digital items using fiat or cryptocurrency, during its US$13 million Series A funding round.
The NFT marketplace backed by American billionaire Mark Cuban said that it will use the funds to expand its platform support for more blockchains.
In 2020 alone, consumers spent $54 billion on NFTs. NFTs have the long-term potential to accelerate the creator economy, inspire new business models and open access to broader participation in the modern financial system.
The growth and development of NFTs will start with marketplaces building upon Layer-1 protocols to support these transactions at scale, but high platform fees act as a barrier to further accessibility and monetisation.
Ripple said in a statement,
“We couldn’t be more excited to work with our friends at Mintable to provide creators and developers with a best-in-class experience and bring more participants into the blockchain ecosystem with NFTs.
As tokenisation launches into the mainstream, we believe the ability to digitally sign an asset, sell it on a blockchain, and receive real income from its subsequent sales will create the tipping point for widespread crypto adoption.”
CEO and founder of Mintable Zach Burks added that he “is on a mission to unlock mass consumer adoption of NFTs with an intuitive NFT marketplace that abstracts the underlying complexity of blockchain and minted 700,000 items in the past year”.
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