Animoca Brands based in Hong Kong and is a developer of blockchain game technology. It reportedly lowered its target for the metaverse fund by 20 percent to $800 million, Reuters reported, citing a source familiar with the matter.subjectthis
The blockchain gaming technology company reportedly lowered its target from $1 billion due to volatility in the crypto market. The company previously announced in November 2022 that it was working on a new Animoca Capital fund with a goal of $2 billion. But then halved the target to $1 billion by January 2023.
And most recently, people familiar with the matter revealed that The company lowered its target by another 20% to $800 million.
Two sources also reported to Reuters that Animoca’s market capitalization, previously valued at about $6 billion after a Temasek-led fundraising in July 2022, has dropped to below $2 billion. dollar Its shares trade at much lower prices in the secondary market.
reduced fundraising goals and declining valuations It could signal a shift in sentiment in the crypto industry as excitement about the technology has diminished after scandals ranging from the collapse of FTX to the bankruptcy of several crypto lenders.
The post Animoca Brands cuts Metaverse fund target to $800 million appeared first on Bitcoin Addict.