Crypto Gaming Firm Animoca Brands Reaches $5.5 Billion Valuation After $75 Million Fundraiser


LONDON, July 12 (Reuters) – Blockchain game developer Animoca Brands has raised $75.3 million in a fundraiser that now values ​​the company at A$8.2 billion ($5.5 billion), even as the market teeters from a collapse of cryptocurrency prices.

Animoca Brands – an Australian company based in Hong Kong – said the increase was the second part of a $360 million round in January. read more

The latest raise, which was backed by investors including Liberty City Ventures and Kingsway Capital, was delayed as some investors worried about the TerraUSD collapse and its impact on cryptocurrency markets, Animoca co-founder Yat said. siu. read more

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The major cryptocurrency bitcoin fell 57% in the first half of 2022 as investors dumped riskier assets. Investors fear contagion in crypto markets as some cryptocurrency lenders have frozen client withdrawals and crypto hedge fund Three Arrows Capital was liquidated last month. read more

Animoca Brands has invested in more than 340 companies to build its vision of a blockchain technology “metaverse” where virtual assets can be bought and sold in the form of non-replaceable tokens (NFTs) using cryptocurrencies. .

The cryptocurrencies and NFTs used in blockchain-based virtual world games skyrocketed in 2021 as speculators piled up in digital assets and the metaverse became a tech buzzword. But the tokens have fallen so far this year as this metaverse has yet to be widely adopted. NFT sales volumes declined sharply over the past month. read more

“Our investors have a very long vision,” said Siu, who likens the development of a cryptocurrency-based metaverse to the adoption of the Internet or mobile phones.

Siu said Animoca’s investors see the metaverse as “Web3” – a new stage in the development of the Internet.

“If that’s true, then this is a blip — a meaningful blip in terms of circumstances — but it won’t affect the future 5-10 years down the road.”

In its most recent April financial statement, Animoca, which is also backed by Sequoia China and Coinbase Ventures, said its investment portfolio was worth $1.5 billion, while its reserves of digital assets such as game-related cryptocurrencies and NFTs were worth $4.2 were worth billion.

($1 = 1.4863 Australian dollars)

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Reporting by Elizabeth Howcroft, editing by Sinead Cruise and David Evans

Our Standards: The Thomson Reuters Trust Principles.

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