Payment company Ripple invested in the non-fungible token (NFT) financing 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”.
Supermojo recently completed a seed round led by major players in the crypto industry, such as BH Digital, DRW Venture Capital, Intersection Growth Partners, and Neuberger Berman. The platform also saw participation from relevant names like Gemini, Arca, Arrington Capital, Circle Ventures, and Ripple.
The NFT marketplace was co-founded by two former Ripple executives Amir Sarhangi, CEO at Supermojo, and Craig DeWitt, the platform’s Head of Product and Engineering. According to the press release, the NFT financing platform will provide users with an “improved” NFT purchase experience.
In addition, users will be able to access “improved” post-sale liquidity by lending their assets. Supermojo was created with the ultimate objective of, according to the release, making NFTs accessible via flexible payment and providing users with unique liquidity options.
Sarhangi said the following on their vision for Supermojo and its financing model:
The NFT market needs to welcome new users in order to keep scaling. NFT marketplaces and storefronts have yet to offer the payment methods most people are familiar with when buying online. ‘Buy Now, Pay Later’ experiences are critical to excellent checkout experiences.
Supermojo is focused on obtaining new partnerships and their recent seed round seems to be a step in that direction. Sarhangi added:
Our team at Supermojo is committed to providing a more seamless, intuitive, and accessible NFT purchasing, financing, and custody experience for the next wave of NFT users, from checkout to resale. We are thrilled to hit the ground running 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 financing platform is betting on this sector’s potential to expand and gain more ground over the coming years. Supermojo’s Head of Product and Engineering claims digital assets will eventually become the “largest market in the world”.
Thus, why they are making an emphasis on improving user experience and accessibility “, especially those without crypto expertise”, DeWitt said. Supermojo has a checkout and lending platform that will be familiar for users with less technical expertise and crypto knowledge.
Andrew Steinwold, managing partner of Sfermion, one of Supermojo’s investors said:
There is significant appetite for an embedded Buy Now, Pay Later model for NFTs, which makes Supermojo uniquely positioned to fuel the next evolution of this ecosystem. This type of innovation is critical to the sustained growth of the space, and we are thrilled to be supporting Supermojo and its strong management team of highly experienced operators and visionaries to deliver a much-needed product.
At the time of writing, XRP’s price trades at $0.3 with a 1% profit in the last 24 hours.