Metaverse receives largest venture funding yet

Image caption In the Metaverse, people can invest and share property through a bank account and capital gains tax with their partner, via their computer Metaverse Real Estate Limited, a consortium of developers developing…

Metaverse receives largest venture funding yet

Image caption In the Metaverse, people can invest and share property through a bank account and capital gains tax with their partner, via their computer

Metaverse Real Estate Limited, a consortium of developers developing the Metaverse, has raised £15.3m in its latest funding round.

This is the largest fundraising in the Metaverse industry, said the group.

In the Metaverse, people can invest and share property through a bank account and capital gains tax with their partner, via their computer.

The firms will set up a virtual banking infrastructure based on existing UK banking technology.

The Metaverse virtual world is the software to develop the “real world” in a computer simulation.

The company said it would open up the Metaverse to investors and encourage them to buy property, as well as creating virtual production hubs for artists and property managers.

Because virtual and online finance will be backed by a virtual bank account and tax credits, it could allow investors to earn a profit in an online shop, or fund a virtual project, before bringing it into the real world.

“We want to be a catalyst for positive change,” said the group’s chief executive, Nicolas Baron.

“While the Metaverse is designed to support private participation, trading, and investment, it will also be useful for the public and private sectors.”

Show Fullscreen Metaverse Real Estate got their new £15.3m funding round thanks to 14 new investors

Disrupting traditional online finance

The company said it wants to be a world leader in virtual and online finance that could be employed by both the public and private sectors.

“The potential of Metaverse Real Estate and other ventures that get around the current barrier to financing via the existing banking system has significant value for all stakeholders,” said Eden Micro-Financing’s chief executive, Lee Reed.

“At one end of the spectrum, it opens the door to peer-to-peer lending and equity finance of the Metaverse in a way never before seen in the industry.”

However, Mr Reed said that Metaverse Real Estate could also “disrupt the current limitations of online finance by giving access to a broader customer base by providing credit to businesses across the country, and enabling businesses to thrive in a global economy”.

It was started in 2015 by Eric Barone and Frank Wilde.

In November 2016, the company raised $40m (£30m) in the biggest funding round for a British start-up blockchain start-up.

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