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Veloce set for $50 million investment via ‘token subscription agreement’

The sim racing and automotive media conglomerate has partnered with digital asset investment firm GEM Digital.

Veloce set for $50 million investment via 'token subscription agreement'

2 minute read

By Thomas Harrison-Lord

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And I know what you’re thinking, what’s a digital assets investment company? Good question, well, it’s all about utility tokens, which are blockchain-based digital items that represent ownership in some form.

If that makes sense to you, bravo, you’re more switched on than me.

The Bahama-based GEM will invest $50 million into Veloce Media Group via digital tokens, over time. Hence, for now, the deal is a ‘commitment’ and seemingly not $50 million in the bank.

Veloce Media Group VEXT sim racing digital currency, NFT

“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.”

This fits into the British outfit’s plans – known for its video production capabilities, racing esports teams, content creator management and Extreme E squad – to be part of a potential Web3 windfall following the March announcement of its own digital currency, VEXT.

VEXT, technically a blockchain utility and governance token, will be used to purchase sporting and private event access, non-fungible tokens (NFTs) and merchandise and ‘exclusive perks’ surrounding its content. Owners will are also said to have voting rights pertaining to VMG’s future plans.

When it launches, and how much currency it costs to be involved, are yet to be disclosed, amidst a backdrop of increased token scepticism.

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

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