Blockchain, AI are ‘firmly intertwined,’ says Animoca boss Yat Siu

Animoca Brands co-founder Yat Siu / Photo credit: Animoca Brands

With AI taking the world by storm, Animoca Brands co-founder and chair Yat Siu said he believes that the tech is “firmly intertwined” with blockchain.

“As AI becomes increasingly autonomous, we believe that the medium of exchange between AI agents will run most efficiently on blockchain and utilize cryptocurrency,” he said in a statement accompanying the release of the firm’s annual report for its 2020 financial year.

Animoca is no stranger to AI, having been investing in the space since late 2018 through a deal with AI accelerator Zeroth. The blockchain gaming firm has backed over 60 AI-related startups, with some of their products already integrated into Animoca’s operations.

Siu added that the company itself has been benefiting from the tech. He shared that Animoca has seen “improvements of up to 80% in efficiency on product development that utilizes AI.”

Meanwhile, the exec said that with the recent updates to Web3 regulations in Hong Kong, Japan, and the European Union – which he identified as key markets for Animoca – the outlook for Web3 remains positive.

Siu believes that as these markets are keen on harboring a welcoming environment for blockchain innovation, “Animoca Brands has now gained a geographical advantage.”

“I am particularly encouraged by how Hong Kong, where the company is headquartered, has opened up to Web3 and started to build a framework with the aim to become the digital assets financial center of the world,” he added.

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Animoca revealed in its annual report that its deferred revenue stood at US$27.9 million for FY 2020, a 401.5% increase from the year before.