Animoca Brands will create a fund to invest in the Metaverse

Representatives of Animoca Brands, the operator of blockchain games, announced their intention to launch a fund to support and invest in the metaverses. It will have an initial investment of $2,000,000,000, according to Animoca Brands co-founder Yat Siu, who also serves as the company's executive chairman.

According to him, the structure of Animoca Capital itself (this is how the fund will be called) is at an early stage of its formation and has not started raising money, however, the fund will focus on the business open to NFTs and metaverses. According to Yata Siu's expectations, the first funds for the development and maintenance of the metaverses will be collected at the beginning of next year. He also said that the project will be international and will not be limited by geographic location.

Animoca Brands is known for having invested in approximately 380 businesses that are in one way or another connected with the Web 3.0 industry. The list of such organizations also includes well-known platforms for trading NFT collections OpenSea and Dapper Labs. Yat noted the purpose for which Animoca Brands invested in 380 companies. According to him, the company did not pursue the goal of making money and getting further profit, but they wanted to make their contribution to the development of the metaverses. He also points out that Web 3.0 technology needs investment as the industry is more mature and ready to move forward.

The executive chairman of Animoca Brands also said that some of the company's investors were considering investing their funds as a stake in Animoca's portfolio companies. However, they now decide to direct their funds to startups related to the world of the metaverse and Web 3.0 technologies. The Animoca Capital fund will allow them to make their dreams come true and invest in companies related to the metaverse.

Although the cryptocurrency market is currently in a global downtrend, Animoca Brands was able to raise $75,000,000 in July and another $100,000,000 in August, after which Yat Siu admitted that the investment rounds turned out to be quite difficult. Especially when compared to previous attempts to raise funds for the development of the metaverses.

Recent events with the fall of the American FTX exchange have stirred up the entire cryptocurrency market and many experts are discussing whether the sphere is going to recover or go further down. Yat Siu also spoke out in this direction. According to him, the cryptocurrency is strong enough to survive this and very soon bitcoin will go up. He also confirmed Animoca Brands' participation in an investment fund that will be led by Binance. The company will hold deposits in the amount of $10,000,000.

Notably, Animoca Brands was listed on the Australian Stock Exchange from 2015 to 2020. Two years ago, the Australian Stock Exchange delisted Animoca Brands from its listing for violating rules. Yat Siu announced the company's intentions to repeat the listing again, but I'm not sure that this can happen. However, if this happens, it will not happen very soon and certainly not on the Australian stock exchange.