Animoca Brands Targets To Raise $1 Billion For Web3 & Metaverse

Animoca Brands Looking For Investors To Support Blockchain, Metaverse Start-ups

January 5, 2023 January 5, 2023 Story: Mohd Javed

Hong Kong's Animoca Brands Corp is looking for potential investors to support blockchain and metaverse start-ups.

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The firm has a target of raising about $US 1 billion this quarter for its new Web3 and metaverse investment fund.

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The firm would use the money to support blockchain and metaverse start-ups, Animoca Brands chief Yat Siu said in a Twitter Spaces chat with Bloomberg.

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As of November, the firm targeted as much as $2 billion.

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About a dozen of Animoca’s portfolio firms were severely affected by the FTX collapse which triggered bankruptcies and shutdowns among various industry players.

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Animoca Brands included NFT spaceship seller Star Atlas, which had much of its treasury sitting on Sam Bankman-Fried’s now-defunct trading platform.

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Bitcoin sank more than 61% over the past year whereas ETH was down nearly 65%.

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