Animoca Brands Raises $20M for Mocaverse Project Despite the Bear Market
In a groundbreaking development, Animoca Brands has secured substantial commitments for a funding round aimed at propelling the Mocaverse project to unprecedented heights.
This remarkable funding round, boasting an impressive $20 million (approximately A$31.3 million) in investments, was spearheaded by CMCC Global, a leading venture capital firm renowned for its specialization in blockchain and Web3 investments.
Joining CMCC Global in this venture are notable investors such as Kingsway Capital, Liberty City Ventures, GameFi Ventures, and prominent individuals like Aleksander Larsen and Gabby Dizon, founders of Sky Mavis and Yield Guild Games, respectively.
Yat Siu, the executive chairman and co-founder of Animoca Brands, is also actively participating in this round.
The infusion of fresh capital is earmarked to advance the Mocaverse project in several key areas including product development, Web3 adoption, and strategic partnerships.
Unveiling Moca ID: Your Digital Identity
One of the most exciting facets of Mocaverse is the upcoming launch of Moca ID, a non-transferrable NFT collection.
Moca ID will allow users to craft their on-chain identities, granting them exclusive access to Mocaverse ecosystem experiences.
Active engagement within the ecosystem will earn users loyalty points, paving the way for a permissionless and interoperable loyalty system.
This system will eventually be decentralized to facilitate third-party adoption, fostering the growth of Web3.
CMCC Global: Pioneers in Web3 Investments
CMCC Global, a lead investor in this funding round, boasts a remarkable track record as one of Asia’s first venture capital firms dedicated solely to blockchain and Web3 investments.
They were early investors in projects like Ethereum (ETH), Solana (SOL), and Cosmos (ATOM), demonstrating their foresight in the Web3 space.
The Details of the Raise
Animoca Brands issued Simple Agreements for Future Equity (SAFEs) to various sophisticated and professional investors, raising a total of $20 million.
These SAFE agreements, priced at A$4.50 per share, will automatically convert to ordinary shares after six months.
The exact number of new shares to be issued will depend on the AUD:USD exchange rate at the time of settlement.
With this impressive funding secured, Animoca Brands is poised to drive innovation, decentralization, and accessibility within the Web3 landscape.
The Mocaverse project represents a significant step towards creating a vibrant, collaborative, and decentralized future for Web3 enthusiasts worldwide.
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