Payments firm Ripple has invested in non-fungible token (NFT) funding platform Supermojo, according to a press release shared with Bitcoinist. The platform works in the form of innovative point-of-sale sponsorship that aims to make these digital assets more accessible “for the next wave of users”.
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Supermojo recently completed a seed round led by major crypto industry players, such as BH Digital, DRW Venture Capital, Intersection Growth Partners, and Neuberger Berman. The platform also saw participation from relevant names such as Gemini, Arca, Arrington Capital, Circle Ventures, and Ripple.
NFT Marketplace was co-founded by two former Ripple executives, Amir Sarhangi, CEO at Supermojo, and Craig DeWitt, Head of Product and Engineering for the platform. According to the press release, the NFT funding platform will provide users with an “improved” NFT purchasing experience.
Additionally, users will be able to access “improved” post-sale liquidity by lending their assets. According to the release, Supermojo was created with the ultimate goal of making NFT accessible through flexible payments and providing users with unique liquidity options.
Sarhangi said the following about their vision for Supermojo and its financial model:
The NFT market needs to welcome new users to continue to scale. NFT’s marketplaces and facades still don’t offer the payment methods most people are familiar with when shopping online. The ‘Buy Now, Pay Later’ experience is crucial to a great checkout experience.
Supermojo is focused on acquiring new partnerships, and their recent seed round appears to be a step in that direction. Sarhangi added:
Our team at Supermojo is committed to providing a more seamless, intuitive, and accessible NFT buying, funding and custody experience for the next wave of NFT users, from payments to resale. We’re excited to start working with our incredibly talented team and partners to bring an effortless NFT experience to the next wave of users.
Ripple and Supermojo Support the Next Wave of NFT Investors
The Ripple-backed NFT financial platform is betting on the potential of this sector to expand and gain more platforms in the coming years. Supermojo’s Director of Product and Engineering claims digital assets will eventually become “the largest marketplace in the world”.
Hence why they are so focused on improving user experience and accessibility “especially those without crypto expertise,” DeWitt said. Supermojo has a payment and lending platform that will be familiar to users with little technical and cryptocurrency knowledge.
Andrew Steinwold, managing partner of Sfermion, one of Supermojo’s investors, said:
There is a significant appetite for the embedded Buy Now, Pay Later model for NFT, which makes Supermojo uniquely positioned to drive the next evolution of this ecosystem. This type of innovation is crucial to the sustainable development of the space and we are delighted to support Supermojo and its strong management team of experienced and visionary operators to provide a much needed product.
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At the time of writing, the price of XRP trades at $0.30 with a 1% profit over the past 24 hours.