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Why Ripple Invested In This NFT Platform Buy Now Pay Later

Why Ripple Invested In This NFT Platform Buy Now Pay Later

Payments firm Ripple has invested in non-fungible token (NFT) funding platform Supermojo, according to a press release shared with Bitcoinist. The platform operates under innovative point-of-sale financing aimed at making these digital assets more accessible “for the next wave of users.”

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Supermojo recently completed a funding round led by major players in the crypto industry including BH Digital, DRW Venture Capital, Intersection Growth Partners, and Neuberger Berman. The platform also had the participation of relevant names such as Gemini, Arca, Arrington Capital, Circle Ventures and Ripple.

The NFT marketplace was co-founded by two former Ripple executives, Amir Sarhangi, CEO of Supermojo, and Craig DeWitt, head of product and engineering for the platform. According to the press release, the NFT finance platform will provide users with an “enhanced” NFT buying experience.

Additionally, users will be able to access “enhanced” post-sale liquidity by lending their assets. Supermojo was created with the ultimate goal, according to the release, of making NFTs accessible through flexible payments and providing users with unique liquidity options.

Sarhangi had this to say about his vision for Supermojo and its funding model:

The NFT market must welcome new users in order to continue to evolve. Marketplaces and NFT storefronts do not yet offer the payment methods most people are familiar with when shopping online. Buy now, pay later Experiences are essential to a great checkout experience.

Supermojo is focused on securing new partnerships and its recent funding 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 payment to resale. We are excited to get started with our incredibly talented team and partners to deliver a frictionless NFT experience to the next wave of users.

Ripple and Supermojo support the next wave of NFT investors

The Ripple-backed NFT funding platform is betting on the potential of this sector to grow and gain momentum in the coming years. Supermojo’s head of product and engineering says that digital assets will eventually become the “biggest market in the world.”

Therefore, they emphasize improving user experience and accessibility, “especially those with no crypto background,” DeWitt said. Supermojo has a payment and loan platform that will be familiar to users with less technical experience and crypto knowledge.

Andrew Steinwold, Managing Partner of Sfermion, one of Supermojo’s investors, said:

There is significant appetite for an integrated Buy Now Pay Later model for NFTs, putting Supermojo in a unique position to drive the next evolution of this ecosystem. This type of innovation is critical to the continued growth of the space, and we are delighted to support Supermojo and its strong leadership team of highly experienced operators and visionaries in delivering a much-needed product.

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At the time of writing, the price of XRP is trading at $0.3 with a 1% gain in the last 24 hours.

XRP trending down on the 4-hour chart. Source: XRPUSD Tradingview

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