Animoca Brands commits $30m to Hong Kong crypto firm

Animoca Brands team / Photo credit: Animoca Brands

Animoca Brands, a Hong Kong-based blockchain gaming and NFT firm, has announced that it will invest US$30 million in Web3 super app Hi.

This is part of a strategic partnership to integrate Hi’s services with the Animoca Brands ecosystem. Together, the two companies plan to provide developers with proof of human identity solutions through Hi Protocol.

Hi’s users will also be able to spend and receive rewards through selected Animoca tokens such as The Sandbox’s Sand.

Earlier this year, Animoca Brands said that it was aiming to raise around US$1 billion for a new fund focused on Web3 and the metaverse. In March, it led the seed round of Saudi Arabia-based NFT marketplace Nuqtah.

Meanwhile, Hi said it has gained 3.5 million sign-ups in over 190 markets since its establishment in 2021. Last year, it announced that it was developing a Mastercard-powered debit card product that offered NFT avatar customization, which it said will be the first in the world to do so.

See also: Animoca looks to forge metaverse rules with Web2 giants amid war of words (Updated)