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.
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.