Hyper-realistic metaverse Everdome has announced that GEM Digital Limited (“GEM”) has agreed to increase its investment commitment from $10 million to $60 million. GEM is a Bahamas-based digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally.
In August 2022, GEM committed US $10 million to Everdome, of which the majority has already been drawn down by the latter and utilised GEM’s investment proceeds towards the development of the metaverse project.
GEM’s increased investment commitment follows Everdome’s recent change of management in appointing Jeremy Lopez as CEO, and clearly demonstrates their strongest support and commitment in the new management’s previous track record and commitment to the vision of the project moving forward.
GEM’s investment will be focused on actions which move Everdome from a conceptual, visionary project into its new phase of delivery and expansion, as they build on the solid foundations created through 2022 to expand the company in key areas. Investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth. These fundamentals include core product delivery, to ensure Everdome opens to the public as soon as possible, infrastructure boosting to allow heavy traffic loads in a high-fidelity environment, tools for users to create and build inside the company as well as growth in users and partners.
GEM‘s investment comes in the form of a further structured token subscription agreement. Everdome will control the timing and the number of drawdowns under this facility, and has no minimum drawdown obligation. At its discretion, the company has the ability to sell up to 200 per cent of their average daily volume, in tokens across multiple exchanges to GEM Digital.
Everdome CEO Jeremy Lopez states, “The expansion of the investment commitment from GEM Digital is a huge show of faith in Everdome’s concept, our growth to date, and the capacity of the management team to quickly scale the company across multiple fronts, in marketing, infrastructure, product releases and partnership acquisitions, taking Everdome from concept to a business with real ROI and a vibrantly active metaverse community on a global scale. GEM has been much more than a financial partner; they have been supportive throughout our partnership discussions and have helped open doors with new partners and exchanges.’’
As Everdome has strategically leveraged and drawn down the majority of their initial investment commitment to accelerate their product offering and expand upon their initial timelines and scope, now is the time to add resources behind the delivery stage of their business. This investment comes at a good moment for the company, following on from successful server scaling tests of their first in-world experience with its Moon Skimmer release, as well as upcoming full environment access for a community numbering in the tens of thousands and Mars landing experience.
