Animoca Brands Pours $30mn Into Crypto Exchange Start-Up Hi
Unicorn blockchain game software Animoca Brands is investing $30 million in Hi, a Hong Kong-based cryptocurrency exchange startup, even as funding for similar businesses worldwide is drying up due to rising regulatory risks and economic uncertainty.
According to the companies, the investment is part of a new strategic partnership between Hi and Animoca, one of the most active investors in the Web3 space known for operating the non-fungible token (NFT) game The Sandbox.
Hi was founded in 2021 by Sean Rach, a former executive at Crypto.com.
According to the company, the Hi app combines crypto exchange and mobile banking features. The platform also facilitates cryptocurrency trading and allows users to apply for a Mastercard debit card that allows them to make cryptocurrency payments. The majority of users will receive an electronic card, while some European countries will also receive a physical card.
(With inputs from Shikha Singh)
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