Immutable & Polygon Labs launch $100M Inevitable Games Fund

Hi NoRamp Community,

Daily News:

1) Robinhood Launches Crypto Wallet for Android Users

2) Immutable & Polygon Labs Launch $100M Inevitable Games Fund

3) Crypto Bank Meld to Launch Tokenized RWAs to Retail Investors

4) PayPal-Backed NX Technologies Raises $24 Million

5) Float Eyes Transformed Payments With $11M Backing From Standard Bank

Robinhood Launches Crypto Wallet for Android Users:

• Robinhood has expanded its crypto wallet access to Android users, with the Robinhood Wallet app now available on Google Play, supporting multiple blockchain assets and enabling token swaps on decentralized exchanges.

• The brokerage's iOS crypto wallet has been downloaded hundreds of thousands of times in over 140 countries since its launch in March 2023, with private keys stored directly within the apps and backups possible via Google Drive or iCloud.

• Robinhood allows direct trading of major cryptocurrencies and altcoins, with an annual transaction revenue of $135 million from crypto trading activities in 2023, and launched crypto trading services in Europe with zero trading fees and a monthly Bitcoin rebate on trading volume.

Immutable & Polygon Labs Launch $100M Inevitable Games Fund:

• King River Capital, Immutable, and Polygon Labs have partnered to launch the Inevitable Games Fund (IGF) with a cap size of $100 million, aiming to support innovation in the Web3 gaming space and attract professional and sophisticated investors.

• The fund has already secured $30 million in its first close, with commitments from investors like Alpha Wave Ventures, Merit Circle, and several family offices, and has identified investment opportunities in decentralized Web3 gaming IP Pixelmon, Metalcore, and Guild of Guardians.

• The fund's launch comes amidst growing investment in the Web3 gaming sector, which has received over $19 billion since 2018, with projections indicating that gaming revenues will reach over $312 billion by 2027, representing a 7.9% compound annual growth rate between 2023 and 2027.

Crypto Bank Meld to Launch Tokenized RWAs to Retail Investors:

• Meld, a crypto online banking company with a VASP license in Lithuania, is partnering with German-licensed DeFi platform Swarm Markets to launch tokenized real-world assets (RWA) for retail investors, enabling borrowing and lending services against these assets.

• Swarm Markets, the first regulated DeFi protocol, operates under a license from Germany's BaFin and launched an EU-compliant KYC solution for tokenized securities trading under German law, with a permissionless RWA trading platform launched in December 2023.

• Meld aims to introduce cross-asset margining opportunities for its 75,000 customers who have signed up for early access, while analysts predict that tokenized RWA could grow to $10 trillion in a bullish scenario and $3.5 trillion in a bearish scenario by 2030, with the convergence between crypto and traditional asset classes experiencing significant growth.

PayPal-Backed NX Technologies Raises $24 Million:

• NX Technologies raised €22 million ($24 million) in a Series B funding round led by PayPal Ventures to strengthen its market position in Germany, expand into new European markets, and grow its digital payment management platform, bezahl.de, for the automotive industry.

• The platform focuses on enabling automotive players to offer embedded finance products throughout the sales process, improving the payment experience with multiple payment methods and financing options, shortening the order-to-cash timeframe, and reducing the need for back-office resources.

• NX Technologies currently manages payments for over 70% of the top 100 automotive retail groups and more than 1,000 car dealerships in Germany, with plans to capture additional market share throughout Europe.

Float Eyes Transformed Payments With $11M From Standard Bank:

• Float, a fintech startup, secured an $11 million facility from Standard Bank to support the rollout of its card-linked installment platform and fuel growth over the next four years.

• The platform enables shoppers to split payments into up to 24 interest-free monthly installments using existing Visa or Mastercard credit cards, currently working with nearly seven million preapproved cards in South Africa.

• Since its launch in November 2021, Float has been adopted by hundreds of merchants, increasing conversion rates and average order values, with the funding enhancing its market position and supporting its mission to revolutionize the payments ecosystem in Africa.

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