GEM Digital, a digital asset investment firm based in the Bahamas, has significantly boosted its investment in the United Arab Emirates-based Everdome metaverse project by injecting an additional $50 million. This follows their initial investment of $10 million in the metaverse platform, which aims to bring people and brands together. Other notable investors in Everdome include BNBChain, OKx, and Unreal Engine.
The injected funds will be utilized by Everdome to enhance its infrastructure, enabling the platform to handle heavy traffic loads in a high-quality environment. The company has already utilized the initial $10 million from GEM Digital to develop the metaverse project.
GEM’s increased commitment comes in the wake of Everdome’s recent management reshuffle, with Jeremy Lopez assuming the role of CEO. This move signifies GEM’s strong support for the achievements of the new management and their dedication to the project’s future vision. Lopez had established a strong relationship with GEM in his previous role as COO, where he played a key role in securing strategic partnerships with the Alfa Romeo F1 Team and OKx.
The additional funding will primarily focus on crucial aspects that will contribute to Everdome’s success, including product development, scalability, and growth. Key objectives include expediting the release of the core product to the public, bolstering the infrastructure to handle heavy traffic loads, providing users with tools to create and build within Everdome, and expanding the user base and partnerships.
GEM Digital’s investment comes in the form of a structured token subscription agreement. Everdome retains control over when and how much funding is drawn from this facility, with no obligation to make a minimum drawdown. Additionally, Everdome has the option to sell up to 200% of its average daily token volume across multiple exchanges to GEM Digital.
Expressing his gratitude, Everdome CEO Jeremy Lopez emphasized GEM Digital’s increased investment commitment, which demonstrates their strong belief in Everdome’s concept, growth potential, and the management team’s ability to rapidly scale the company. He also acknowledged GEM’s instrumental role in facilitating partnership discussions and opening doors to new partners and exchanges, surpassing mere financial support.
