Animoca Brands Cuts Metaverse Fundraising Target By 20%
Key Points:
- Hong Kong-based Animoca Brands has cut its fundraising target for its metaverse fund by 20% to $800m.
- Despite a decline in valuation and a change in sentiment toward the crypto industry, Animoca Brands remains a major player, with a series of large investments boosting its valuation.
- The company’s ambitious plans to build a metaverse based around blockchain technology may have been scaled back, but its previous investments and expertise make it a force to be reckoned with.
Hong Kong-based game developer Animoca Brands has recently made significant changes to its fundraising target for its metaverse fund, cutting it by 20% to $800 million, as per Reuter.
This follows a series of previous reductions, which saw the company halve its target from $2 billion in November 2021 to $1 billion in January before the latest reduction. Sources who prefer to remain unnamed have confirmed that Animoca Brands’ cut to its fundraising target and its declining valuation reflect a change in sentiment on the cryptocurrency industry, which has seen excitement around such technologies lose steam following scandals.
Despite these setbacks, Animoca Brands remains a major player in the industry, with a series of large investments boosting its valuation by nearly 600%. Its co-founder, Yat Siu, previously spoke of the company’s investment in over 380 companies, including Axie Infinity and OpenSea, in order to build a metaverse based around blockchain technology.
The company’s shares, which were previously valued at $6 billion after a financing round led by Singapore-based Temasek, have seen a significant drop in value in secondary markets, with its market cap slipping to below $2 billion, according to two sources. Animoca Brands was also removed from the Australian Securities Exchange in 2020 due to its aggressive expansion into the cryptocurrency industry. It now trades its shares on PrimaryMarkets, a private secondary share trading platform, where the company’s market cap stood at just under 1.9 billion Australian dollars ($1.26 billion) earlier this week.
Although Animoca Brands’ cut to its fundraising target is a significant reduction from the $2 billion target set in November 2021, the company remains a notable player in the crypto industry. Its ambitious plans to build a metaverse based around blockchain technology may have been scaled back, but its previous investments and expertise make it a force to be reckoned with.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Animoca Brands Cuts Metaverse Fundraising Target By 20%
Key Points:
- Hong Kong-based Animoca Brands has cut its fundraising target for its metaverse fund by 20% to $800m.
- Despite a decline in valuation and a change in sentiment toward the crypto industry, Animoca Brands remains a major player, with a series of large investments boosting its valuation.
- The company’s ambitious plans to build a metaverse based around blockchain technology may have been scaled back, but its previous investments and expertise make it a force to be reckoned with.
Hong Kong-based game developer Animoca Brands has recently made significant changes to its fundraising target for its metaverse fund, cutting it by 20% to $800 million, as per Reuter.
This follows a series of previous reductions, which saw the company halve its target from $2 billion in November 2021 to $1 billion in January before the latest reduction. Sources who prefer to remain unnamed have confirmed that Animoca Brands’ cut to its fundraising target and its declining valuation reflect a change in sentiment on the cryptocurrency industry, which has seen excitement around such technologies lose steam following scandals.
Despite these setbacks, Animoca Brands remains a major player in the industry, with a series of large investments boosting its valuation by nearly 600%. Its co-founder, Yat Siu, previously spoke of the company’s investment in over 380 companies, including Axie Infinity and OpenSea, in order to build a metaverse based around blockchain technology.
The company’s shares, which were previously valued at $6 billion after a financing round led by Singapore-based Temasek, have seen a significant drop in value in secondary markets, with its market cap slipping to below $2 billion, according to two sources. Animoca Brands was also removed from the Australian Securities Exchange in 2020 due to its aggressive expansion into the cryptocurrency industry. It now trades its shares on PrimaryMarkets, a private secondary share trading platform, where the company’s market cap stood at just under 1.9 billion Australian dollars ($1.26 billion) earlier this week.
Although Animoca Brands’ cut to its fundraising target is a significant reduction from the $2 billion target set in November 2021, the company remains a notable player in the crypto industry. Its ambitious plans to build a metaverse based around blockchain technology may have been scaled back, but its previous investments and expertise make it a force to be reckoned with.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
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