As the crypto winter continues unabated, companies that defy the bear market continue to take exciting steps.
Sandbox Founder Animoca Brands: $2 Billion Fund!
According to Yat Siu, co-founder and Chief Executive Officer of Animoca Brands, one of the leading companies in the Asia Pacific region in the field of digital entertainment, blockchain and gamification, the company plans to launch a fund of up to $ 2 billion to invest in metaverse enterprises. Animoca, which invests in many blockchain companies and projects, is also the largest shareholder of the metaverse platform Sandbox. Animoca is known for its Sandbox metaverse game, which allows users to purchase digital parcels of land and decorate them using NFT. Animoca’s investors include Singapore state fund Temasek, the US’s GGV Capital and South Korea’s Mirae Asset Management.
With the new fund, the company would be valued at over $5 billion. In an interview with Nikkei Asia in Tokyo, Siu said the company plans to set up a fund called Animoca Capital, with its first investment expected next year. The Metaverse refers to a virtual reality space where users can interact and trade goods similar to the real world. More and more companies are entering the metaverse world to take advantage of the growing opportunities.
founded in 2014, Animoca is seen as a pioneer of Web3, which uses blockchain technology. The company has invested about 380 in Web3 businesses such as the secondary NFT Sunday platform OpenSea and Dapper Labs. However, Siu said that the main purpose of these investments is to “develop the ecosystem” of Web3 and create an active Sunday, rather than chasing profits. Siu said the fund will create more opportunities for investors to access Web3 companies. Regarding the FTX crisis, Siu said that Animoca will contribute $10 million to the Binance-led Web3 recovery fund “to support the ecosystem”. He added that his company could increase its contribution on a case-by-case basis. Siu stated that the crypto industry will recover.
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