HomeNEWSAnimoca Brands invests $30 million in hi to aid web3 adoption

Animoca Brands invests $30 million in hi to aid web3 adoption


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Animoca Brands has collaborated with hi, a web3 financial ecosystem to onboard millions of users into the web3 arena. In a Thursday blog post, Animoca Brands said it signed a memorandum of understanding (MoU) with the firm to invest US$30 million in its operations. Worth noting that both firms aim to promote the utility of fungible tokens and NFTs in the evolving web3 world.

By investing $30 million in hi, Animoca Brands aim to foster global web3 adoption. It believes investment in hi’s innovative ecosystem will help fulfill this ambition. Specifically, the investment will strengthen the hi app, a cutting-edge financial product for web3 and hi Protocol, notable as a scalable, EVM-compatible layer-2 sidechain for Ethereum. More so, the two firms want to provide developers with an outstanding-human verification system using hi Protocol’s Proof of Human Identity mechanism.

According to Animoca Brands, it plans to support hi’s ambition to offer real-world use cases for for digital items, including crypto assets and NFTs. This thus provides a pathway for users to spend and get rewards with numerous tokens enveloped in the Animoca Brands ecosystem. As of press time, some of the assets in its ecosystem includes SAND, EDU, APE, REVV, GMEE, and many more.

In recent years, hi cemented its place as a leader in the web3 space, with more than 3.5 million users. Around 2022, it announced the launch of its debit card. This card features an NFT avatar customization, fueled by Mastercard. By virtue of this, holders of the card will always be able to easily personalize its face with an NFT collection that belongs to them and spend fiat and cryptocurrencies in over 90 million locations across the globe. It is not in doubt that this will also benefit Animoca Brands’ portfolio.

Animoca Brands seeking to bridge the gap between fiat and crypto – Co-founder

Meanwhile, the co-founder of Animoca Brands, Yat Siu gave some insights into the firm’s investment in hi. According to Siu, his firm’s efforts with hi focuses on bridging the long gap between crypto and fiat. He also affirmed the commitment of the firm to ensuring the development of hi App and hi Protocol.

Similarly, the co-founder of hi, Sean Rach expressed the readiness of his firm to cooperate with Animoca brands. He lauded the efforts of the firm in backing early web3 firms. He has no doubt about the potential of the collaboration to help drive the adoption of hi’s offerings, thereby aiding the adoption of blockchain.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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