Animoca Brands has refuted a claim that it will reduce its Metaverse fund target by $200 million, or 20%, to $800 million amid volatility in the crypto market and uncertainty in the banking sector.
According to a Reuters report on March 24,quote “Person familiar with the matter” anonymously It is claimed that Animoca initially halved its Metaverse fund target in January. followed by a further 20% reduction to $800 million.
The fund was announced in November. The goal was to allocate capital to startups with a focus on Metaverse. At the time, Animoca co-founder and chairman Yat Siu specifythat the fund’s target is between $1 billion and $2 billion It depends on the amount of money raised.
“Claiming that the Animoca Capital fund’s target was ‘cut’ from $2 billion to $1 billion is incorrect, as $1 billion has always been within the announced range,” Animoca said.
“There is no doubt that FTX and the banking crisis have had a devastating impact on existing venture capital. But funding for the Animoca Capital fund is on the way. and when the fundraising is concluded We will notify the market with appropriate details. including the funds of this fund,” the company said.
Animoca also confirmed that figures on the company’s valuation reported by Reuters were inaccurate.
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