#Lotte Group Receives Massive Funding#

Lotte Group has secured a massive grant from the Arbitrum Foundation, marking the largest grant awarded by Arbitrum to date. This funding will support Lotte Group's metaverse gaming platform, Caliverse, making it a key blockchain infrastructure provider for Arbitrum. Lotte Group is a multi-billion dollar South Korean conglomerate known for its vast shopping malls, media companies, and entertainment portfolio. Caliverse serves as Lotte Group's testing ground for emerging technology trends like AI, VR, and crypto, where users can explore virtual worlds with diverse media content and future shopping experiences. The integration with Arbitrum will enable blockchain users to pay for certain services using cryptocurrency, and systems like in-game transactions can begin operating on-chain. This signifies a renewed interest from traditional companies in building blockchain-based virtual worlds and could potentially drive further development of the metaverse concept. The Arbitrum blockchain has become a popular choice for gaming platforms, with its gaming business growing 72% year-over-year in 2024. Arbitrum's blockchain offers industry-leading 250-millisecond block times, ensuring high-quality performance in virtual worlds and gaming experiences. This grant will empower Lotte Group's Caliverse and set a new standard for Arbitrum-based virtual world interactions.