Miguel Cordon · · 1 min readAnimoca Brands, EVG to beef up each other’s projects via tie-up
Photo credit: Animoca Brands
Animoca Brands and Everest Ventures Group (EVG) are teaming up to strengthen their respective Web3 ecosystems.
With the partnership, the two firms will invest in each other’s initiatives. Animoca Brands is funding some of EVG’s products slated for release this year. These include the OpenSocial Protocol, which gives developers tools to create social apps, as well as Web3 games Legend of Arcadia and Last Odyssey.
Meanwhile, EVG will support various Animoca Brands projects, including Web3 studio Darewise, chess-based game Anichess, and the Mocaverse network.
“We believe that in the upcoming market, it will be real use cases and products – not speculation – that will emerge to drive long-term adoption,” said Allen Ng, co-founding CEO of EVG.
As of March 31 this year, Animoca Brands holds US$291 million worth of cash and stablecoins, according to its unaudited figures. This is up from US$194 million in April 30 last year.
Meanwhile, EVG has incubated 10 companies with its team of 300 serial entrepreneurs, engineers, and product managers. It has also worked with other crypto firms like The Sandbox and Upbit.
See also: When AI meets Web3: A Singapore firm chasing full automation in crypto trading
Editing by Lorenzo Kyle Subido
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