Bahamas-based GEM increases investment in Dubai’s Everdome

By Arya M Nair, Official Reporter
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GEM Investment in Everdome

Everdome, the Dubai-based hyper-realistic metaverse, has announced that GEM Digital Limited (GEM), a Bahamas-based digital asset investment firm that sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally, has agreed to increase its investment commitment from $10 million to $60 million.

In August 2022, GEM committed $10 million to Everdome, of which the majority has already been drawn down by Everdome and utilized 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 demonstrates their strongest support and commitment to 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 that 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.

Jeremy Lopez_GEM investment in Everdome
Jeremy Lopez
CEO – Everdome

“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.’’

The investment will be completely focused on the fundamentals necessary to take Everdome to the next level of success, including product development, scalability and growth.

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, Everdome has the ability to sell up to 200 percent of their average daily volume, in tokens across multiple exchanges to GEM Digital.

As Everdome has strategically leveraged and drawn down the majority of its initial investment commitment to accelerate its product offering and expand upon its initial timelines and scope, now is the time to add resources behind the delivery stage of its business.

This investment comes at a good moment for Everdome, following on from successful server scaling tests of their first in-world experience with our Moon Skimmer release, as well as upcoming full environment access for a community numbering in the tens of thousands and Mars landing experience.

This strategic investment partnership with GEM Digital primes Everdome for a dynamic new era of growth and development, injecting pace and power across the multiple areas planned.

Related: MetaEngine launches immersive gaming & Metaverse development studio in UAE