LONDON : Metaverse gaming company Animoca Brands raised nearly $360 million in a funding round led by Liberty City Ventures, the company said on Tuesday, valuing the firm at more than $5 billion.
The term became a tech and business buzzword last year. Metaverse-related companies saw a flurry of investment and metaverse platforms' crypto tokens surged, boosted by Facebook changing its name to"Meta" to signal its commitment to the concept.Animoca Brands' chairman and co-founder, Yat Siu, has been vocal in his view that the development of"Web3" or the metaverse depends on users being able to own blockchain-based assets.
Animoca Brands issued 111,173,515 shares, worth $358,888,888, and said it would use the proceeds for acquisitions, investments, product development and to buy licenses for popular intellectual property.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: straits_times - 🏆 5. / 69 Read more »