Animoca Brands Wants To Expand Web3 Investment To The Middle East

Key Points:

Yat Siu, the co-founder of Animoca Brands, said the company is looking to make a massive investment of tens of millions of dollars in the Middle East.
Animoca will also partner with Manga Productions to create a Web3 project.

Although the Hong Kong government recently sought better connections with the area, Animoca Brands is preparing a significant push into the Middle East while the business continues to place significant bets on Web3 start-ups.

According to the South China Morning Post, Yat Siu, co-founder of Animoca Brands, said that the company is seeking to make a major investment of tens of millions of dollars in the Middle East because the region’s cryptocurrency-friendly regulations, strong gaming culture, and young population provide Animoca with Huge opportunity.

Animoca has a lot of prospects in the Middle East’s developing markets because of the country’s crypto-friendly laws, vibrant gaming scene, and youthful population, according to Siu.

Animoca will also partner with Manga Productions, a subsidiary of Saudi Crown Prince Mohammed bin Salman’s MiSK Foundation, to create a Web3 project.

Through their partnership, Animoca Brands and Manga Productions will be able to work closely together in a number of important areas, initially focusing on developing Web3 pilot projects across the vast ecosystem of Animoca Brands and utilizing Manga Productions’ high-caliber content portfolio in the Middle East.

Furthermore, Animoca Brands will make use of its operational and business capabilities to give local talent in relevant disciplines access to educational and professional possibilities. To create basic blockchain courses, Animoca Brands has already started exploratory negotiations with colleges in Saudi Arabia.

When Hong Kong’s CEO John Lee Ka-chiu visited Saudi Arabia and the United Arab Emirates last month, he was looking to strengthen business ties in the region (UAE).

One of the largest Web3 investors is Animoca, which refers to the next-generation World Wide Web that is based on decentralized technologies like blockchain.

In 2021, as interest in non-fungible tokens (NFTs) and the metaverse grew rapidly, Animoca, in large part due to its blockchain gaming platform, The Sandbox, became a leading Web3 company.

The mainland government in Beijing may also be tacitly encouraging the idea recently as Hong Kong readies to a consultation process that could eventually allow a form of retail crypto trading in the territory.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.