Animoca Brands has committed a $30 million investment in hi, a pioneering Web3 financial super app based in Hong Kong. This strategic move resonates with both companies’ shared vision to magnify the usage of fungible tokens and non-fungible tokens (NFTs) within the burgeoning Web3 space.
This collaboration is set to foster a profound integration between Animoca Brands’ vibrant ecosystem and hi’s groundbreaking services, which are instrumental in driving the mass adoption of Web3. Both entities will concentrate their efforts on strengthening the hi ecosystem, characterized by the hi app and the hi Protocol (hiP). HiP is a scalable, EVM-compatible, Sybil-resistant layer-2 sidechain for Ethereum, designed to provide developers with a unique human authentication mechanism via its Proof of Human Identity (PoHI) solution.
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As part of the agreement, Animoca Brands will bolster hi’s ambition to create tangible use cases for cryptocurrencies and utility tokens. This support will enable users to directly spend and earn rewards with specific tokens used within the Animoca Brands ecosystem, such as SAND, EDU, APE, REVV, and GMEE, among others.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented, “Our investment and partnership with hi signifies our commitment to bridge the fiat and cryptocurrency domains. This alliance will fuel the continued development of the hi App and the hi Protocol to foster a positive impact on the broader Web3 ecosystem.”
Sean Rach, hi’s co-founder, echoed Siu’s sentiment, expressing pride in collaborating closely with Animoca Brands, particularly given its successful track record in backing early-stage, prominent Web3 companies. He expressed optimism that the partnership will enhance the adoption of hi products and services, thereby driving mass adoption of blockchain technology.
In September of the previous year, Animoca Brands successfully raised $110 million in a strategic funding round. The new strategic consortium of investors, including Temasek, Boyu Capital, and GGV Capital, will counsel the company as it continues to expand and fortify its organizational capabilities.
This newly raised capital will be utilized to support strategic acquisitions, investments, product development, licensing popular intellectual properties, and advancing the open metaverse. Animoca Brands also aims to advocate digital property rights for online users.
Founded in 2021, hi serves as a digital banking platform offering an all-inclusive service for savings, investments, payments, and lifestyle benefits. In 2022, hi introduced a unique debit card featuring NFT avatar customization with Mastercard. The first batch of these cards, allowing eligible cardholders to personalize their debit cards with a verifiably owned NFT avatar, will be dispatched in the third quarter of 2023. This innovative feature will enable users to expend their fiat and digital currencies at over 90 million locations worldwide.
This news is based on a report by Marketing Interactive.
