MPL in talks with crypto giants FTX

According to reports from TechCrunch, Indian mobile gaming startup Mobile Premier League (MPL) are in talks with crypto exchange FTX as well as a number of other investors to raise capital.

This comes as the startup prepares to make a web3 push and an investment would mark a significant shift in MPL’s future outlook as it gears up to expand its offerings.

Sequoia Capital India and RTP Global are among MPL’s existing backers but the startup is looking to raise the new investment as an extension to its Series E round at a $2.5 billion valuation, a source told TechCrunch.

The startup has refused to comment on the speculation with a spokesperson telling TechCrunch that “as a company policy, we do not comment on speculations.”

MPL operates over 60 mobile games and in recent weeks, it has informed some existing and new potential investors that it plans to launch play-to-earn and NFT-based games later this year, the sources said, requesting anonymity as the deliberations are ongoing and they are not authorized to speak to the press.

The startup has amassed over 5 million monthly active “cash playing” users, it disclosed in a December investor presentation, stating that it was building “the game distribution platform of tomorrow,” where over 500 million tournaments are already being played each month.