Animoca Brands Reveals $172 Mln In Cash & Stablecoins, Know More Here

Animoca Brands, a Hong Kong-based Web3 group, recently unveiled data positioning the firm as one of the key players within the digital assets realm. With the data surfacing the markets, the firm amassed substantial attention throughout the crypto landscape as it boasted a balance of 2.102 billion in cash and tokens.

The data revealed encompassed the firm’s investments in numerous Web3 projects, including games and infrastructure-related projects. Meanwhile, the statement released showcased data as of November end 2023.

Furthermore, the statement also sheds light on the company’s Web3 venture, facilitating more than 400 projects with its weighty investments.

A Closer Look Into Animoca’s Announcement

According to the data unveiled by the Animoca group, the firm illuminated improving crypto prices in the latter months of 2023. With this, the firm further highlighted the concurrent surge in NFT market cap and volume over the last three months, upswinging 97.69%. Moreover, the data also showcased noteworthy traction gained by NFTs in Asia, spotlighting Asia’s surge in demand for NFTs.

In addition, Animoca group also highlighted the firm’s cash and token balances for the period ended on November 30, including $172 million in cash and stablecoins, $330 million in other 3rd party tokens, and $1.6 billion in off-balance sheet token reserves.

The aforestated data seems to have positioned Animoca Group among the top industries within the Web3 market, overshadowing other Web3 groups.

Also read: Bitcoin’s Weekly Outflows Hit $33 Mln Amid Crypto Market Selloff

Animoca’s Web3 Venture

Ever since its inception within the Web3 realm in 2014, Animoca Brands has fostered the growth and development of blockchain-related products. Moreover, Mocaverse, an NFT collection backed by the Animoca ecosystem, further jacked up the firm’s Web3 venture.

According to the firm’s statement, Animoca recently raised a whopping $11.88 million for Mocaverse, bringing the total amount raised till now to $31.88 million.

However, apart from the developments made by the Web3 group, it also stressed some of the significant challenges the firm was facing. These challenges encompassed crypto and NFT accounting complexity, multiple accounting standards across jurisdictions, and limited financial systems and infrastructure within the market, among many others.

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