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Animoca Brands has readjusted its web3 investment fund’s funding target of $1 billion from its previous target of $2 billion in the first quarter amid “challenging” market conditions. bloomberg news report.
Animoca Brands CEO Yat Siu told Bloomberg:
“[The first quarter] is the goal. Let’s see what happens. It is no exaggeration to say that it is a challenging market. But we have a fair amount of interest. “
Investments will be collected under a newly created fund called Animoca Capital. The fund is primarily intended to make strategic investments to develop the Web3 ecosystem and will be co-chaired by former Morgan his Stanley executive Homerthan.
Animoca is in talks with potential investors who may be interested in supporting Animoca Capital. However, according to Siu, his $1 billion in the goal will be spent supporting the Metaverse project.
The future of Animoka
As of April 2022, Animoca has approximately $98 million in cash balances, $870 million in cryptocurrencies, and $4 billion in off-balance sheet coins.
In early 2022, the company also raised $358 million in funding. The company has stakes in over 380 of his companies and has received significant investment from Temasek.
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Siu said Animoca has no plans to raise funding in the near future. Instead, it will focus its fundraising efforts on growing the Web3 ecosystem.
