Animoca Brands has established a name for itself as one of the leading web3 and blockchain investors. In a recent development, Animoca has drastically lowered the fundraising target for web3 and Metaverse from $2 billion to $1 billion. The decision has been made based on the already dire situation in the crypto market. By the first quarter of 2023, Animoca plans to raise nearly $1 billion for both Web3 and metaverse funds. The co-founder of Animoca, Yat Siu, said that the firm is currently under discussion with multiple investors. The main goal is to secure considerable funding for both upcoming web3 and metaverse projects.
The collapse of FTX in November of the previous year resulted in severe effects on the crypto market. As a result, many firms had to face bankruptcy and shutdowns. Furthermore, countless firms within the portfolio of Animoca were also affected greatly by the collapse of the trading firm. Siu made it clear that he believes that Q1 is the target. He stated that it indeed is a challenging market, and he is interested in knowing what might happen soon.
The Journey of Animoca Brands
It is expected that the fundraising process would begin by the first quarter of 2023. Despite the market not being highly optimistic after the collapse of FTX, there are still a number of opportunities to seek. Siu believes that there are a great number of capital pools of interest in such a space. Furthermore, the co-founder of Animoca states that the firm would expect much greater returns from Asia in comparison to the US.
When talking about the agenda of Animoca, Siu expressed a more bullish approach towards Asia being a crypto leader. Furthermore, he even suggested that the firm greatly prefers Hong Kong over the US, mainly as being a better place for IPOs. Based on the desire to be a crypto leader, coupled with numerous crypto-asset-related policies, Asia does seem like a better place of interest.
Animoca was registered with the Australian Securities and Exchange. Things did not remain that way as the firm eventually delisted itself soon after. This happened as a result of Animoca not being able to adhere to specific rules within the market. However, the year 2023 is critical for the firm to establish a name for itself in the web3 sector.