The web3 company Animoca Brands reduces the donation goal to $ 1 billion in the 1st quarter of 2023-metaverse

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Animoca Brands, a company geared to web3 games, has announced that it is now aiming for a gathering of $ 1 billion for a fund that aims to provide help for already established blockchain projects. The number is well below the $ 2 billion, which the company had already announced in November as the upper limit for the same fund.

Animoca Brands announced lower numbers for web3 and meta-verse find

Animoca Brands, one of the most popular web3 gaming and blockchain companies, has made a new announcement regarding its donation goals for the first quarter of 2023. Yat siu, a co-founder of the company, recently specified In a Twitter Spaces chat it wanted to raise $ 1 billion for a fund with the preliminary name Animoca Capital, which would concentrate its activities on the support that has already been established.

This number is significantly lower than the goal that Siu had set in November first Planted Plant to put on this fund and explains that Animoca Brands expects to apply up to $ 2 billion. At that time, Siu recognized the challenge that would be the spending of this amount of money, since the decline of FTX recently shaked the world of cryptocurrencies.

Siu explained that this event affected a dozen of the projects in the Animoca Brands portfolio, the counter reaction affected the broader cryptocurrency market.

Optimism remains

But even if these events affect the state of crypto and web3 market, Animoca Brands is optimistic about the result of this undertaking. Siu explained:

Q1 is the goal and then let's see what happens. It is fair to say that it is a challenging market. But we have a lot of interest.

As in November, however, Siu announced no investors who were interested in supporting this fund. The fund should concentrate on investments in web3 gaming and meta-verse projects in the late phase that are considered less risky to invest money in aspiring startups.

Animoca Brands has no plans for this year to collect donations for themselves. Data from corporate publications indicate that it had more than $ 200 million in cash and around $ 940 million in cryptocurrencies as part of its reserves by November. In July the company 75 million US dollar, Which corresponds to an evaluation of $ 5.9 billion.

In recent times, in September, animoca 110 million US dollar in one in a one Round, led by Temasek, a VC company in Singapore, Boyu Capital and GGV Capital.

What do you think of the new goal that Animoca Brands has announced for his web3 fund? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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