VELOCE SECURES $50M INVESTMENT

Digital asset investment firm GEM Digital Limited has announced new investment into Veloce Media Group.

According to a statement, the Bahamas-based company will invest up to $50m into the decentralised gaming and sports media company via a structured token subscription agreement.

London-based Veloce consist of a number of gaming teams and brands, including Veloce Esports, Extreme E team Veloce Racing and Quadrant, a joint venture sub-brand backed by Formula 1 driver Lando Norris.

The new agreement with GEM Digital has been announced following the launch of Veloce’s blockchain utility and governance token, VEXT, and supposedly will ‘herald mutual long-term opportunities’ as the company looks to increase its take into ‘sourcing, structuring, and investing in utility tokens in relevant and growing industries.’

“This is a very exciting transaction,” said Daniel Bailey, Chief Commercial Officer Veloce and CEO Veloce Racing, “It comes very soon after the announcement of VEXT and our plans to evolve our media and sports group into this truly innovative space; validating Veloce’s position as a pioneer in the industry.

“The GEM commitment will allow us to focus on growth and expansion, through acquisition of more gaming and real-life racing properties, ultimately giving our vast community further VEXT utility and influence.”

‍”This is the most exciting thing we have ever done. As a business, we have the two key ingredients for Web3: a globally engaged community and an incredible amount of utility. Our ultimate ambition is to become the first truly decentralised global sporting group.”

‍Rupert Svendsen-Cook, Co-Founder and Chief Executive Officer at Veloce

‍Tom Grogan, CEO of MDRxTech, added, “Evolving Veloce, already a pioneer and innovator within motorsports, is an incredible opportunity. They’re leveraging the best bits of Web3 – community participation and decentralisation – while providing real utility and control over an organisation millions of people already care deeply about. I’m so proud of the team who have worked so hard to engineer this product ready for launch and continue to be inspired by the Veloce team for their commitment to innovation and disruption in this incredible industry.”