NFT game developer Animoca Brands closes $88.88 million funding round, valued at $1 billion

Animoca Brands, a developer of NFT games valued at $1 billion, raised nearly $89 million to become the latest unicorn in the cryptocurrency space.

According to Cointelegraph on May 13th, Animoca Brands, a developer of NFT-focused games, announced today that it has closed a $88,888,888 funding round valued at $1 billion. Kingsway Capital, Hashkey Fintech Investment Fund, RIT Partners and FireCoin participated. The newly issued 93.4 million Animoca Brands shares will be distributed to investors at a subscription price of $0.85 per share.

Yat Siu, co-founder and chairman of Animoca Brands, noted that the strategic investors share the company’s vision of upholding “NFT to redefine online equity and property rights.” Manuel Stotz, founder and CEO of Kingsway, added that

Whether through Bitcoin or NFT, the emergence of digital property rights may be the greatest opportunity for financial inclusion for the bottom 3 billion frontier and emerging market consumers, and it is also a great opportunity to decentralize and drive the global internet towards a more equitable path.
To mark the raise, Animoca will issue special irreplaceable tokens to its investors and key partners.

The company says the funds will be used for product development, acquisitions and securing licensing rights for games. animoca is the developer of many well-known games such as The Sandbox, F1 Delta Time and MotoGP Ignition. in addition, it has invested in leading teams in the NFT industry, including Dapper Labs, OpenSea and Axie Infinity.

Last month, Animoca was listed on Statista’s Top 500 High Growth Companies in Asia Pacific 2021, making it one of the fastest growing companies in Australia in 2021.

In February, Animoca announced the deployment of its entire REVV racing ecosystem on Polygon’s Layer 2 sidechain to mitigate the high gas fees incurred by using the Ethernet mainnet, with plans to start with F1 Delta Time.

Last December, an NFT representing 5% of the F1 Delta Time Monaco track was auctioned for $222,000. The winning bidder will be able to earn dividends from the track’s races.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-game-developer-animoca-brands-closes-88-88-million-funding-round-valued-at-1-billion/
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