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Crypto Game Developer Animoca Brands Raises $110 Million

Crypto Game Developer Animoca Brands Raises $110 Million

The company issued convertible notes in a funding round valued at about $5.6 billion, it said.

London:

Hong Kong-based blockchain game developer Animoca Brands has raised $110 million from investors, the company said in a statement on Thursday.

The company issued convertible notes in a funding round valued at about $5.6 billion, it said.

New investors include Singapore-based Temasek, global venture capital firm GGV Capital and China-focused asset manager Boyu Capital, the statement said, with a number of existing investors. now also contribute.

“Our new investors will provide strategic advice and perspective,” Animoca Brands co-founder Yat Siu said in a statement, describing it as an “exceptional strategic funding round.” .”

Animoca Brands has invested in more than 340 companies to build its vision of a “metaverse” based on blockchain technology, in which users can buy and trade digital assets in the form of non-existent tokens. alternative (NFT).

NFTs surged last year as speculators stocked up on digital assets, and the metaverse has become a tech buzzword. But sales volumes have plummeted in recent months as investors turn more risk-averse, crypto prices fall and the over-hyped metaverse has shown little sign of coming to fruition.

An Animoca Brands spokesperson downplayed the impact of the “crypto winter” – the industry term for the falling price spell – that wiped an estimated $1 trillion off the crypto market. this year, according to CoinGecko data.

The money raised will be used to make more acquisitions and investments, as well as develop products and secure intellectual property licenses, the statement said.

“We take a long-term view and also note that blockchain gaming is relatively less affected by the cold than some other sectors,” the spokesperson said without further explanation.

Leading blockchain game Axie Infinity, backed by Animoca Brands, has seen a sharp decline in monthly sales volume, number of buyers and average selling price since January, according to the tracking firm. CryptoSlam market.

Animoca Brands raised $75 million in July and $360 million in January.

(This story has not been edited by NDTV staff and was automatically generated from the syndication feed.)

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