Saturday, September 23, 2023

Animoca Brands Stops Trade with Russia


In response to the invasion of Ukraine, Animoca Brands stated on Wednesday that it will discontinue providing trading services to Russian users.

Animoca Brands is a Hong Kong-based blockchain corporation and venture capital firm. They said that in addition to banning accounts tied to Russian users, they would stop selling stock to Russian investors.

Yat Siu, co-founder and Chairman of Animoca Brands, discussed the company’s growth. The legal advice they had suggests putting some limits in place. It sanctioned in the same way that North Korea is. They may become economically excluded from the financial system if they do business in certain locations.

The ruling would also apply to the company’s subsidiaries, such as Gamee and Lympo, according to Siu. The CEO, however, stated that the move will have no significant influence on the company’s performance. This is due to the fact that the company has a small number of Russian customers.

On Twitter, Gamee announced that they support Ukraine. Furthermore, Russians will no longer be able to use its services. Similarly, Lympo said in a Medium blog post that it would no longer accept new Russian athletes. They would also put a stop to the publication of Russian athlete NFTs and new partnership agreements with all Russian athletes.

As a result, Animoca has joined the ranks of other prominent cryptocurrency companies who have stopped serving Russian customers due to the security problem.

Metaverse Reality Construction

Animoca Brands, based in Hong Kong and founded in 2014, is a big investor in NFT games and metaverse enterprises.

Animoca raised about $359 million in January. The investment was estimated to be worth more than $5 billion. Liberty City Ventures led the investment round. Other seed investors included Winklevoss Capital, Soros Fund Management, Sequoia China, Gemini Frontier Fund, and 10T Holdings. It also has billionaire investor George Soros.

Over 100 firms have received funding from Animoca, including some of the most well-known builders in the NFT space. Axie Infinity creator Sky Mavis (worth over $3 billion), NBA Top Shotmaker Dapper Labs (worth $7.6 billion), and the premier NFT marketplace OpenSea (worth $13.3 billion) are among its assets.

Animoca not only invests but also publishes its NFT-based games. The Sandbox is a forthcoming Ethereum-based metaverse game. It features partnerships with Atari, Adidas, Snoop Dogg, and other businesses and celebrities. It is the company’s most well-known product. Animoca also distributes F1 Delta Time, a licensed racing game, as well as other crypto game initiatives.

Animoca primarily funds efforts aimed towards creating an open, interoperable metaverse. It’s where you’ll find NFT materials that can be used on a variety of immersive platforms.

Rainy Naidoo
Rainy Naidoo
Rainy Naidoo is a writer for Cryptoconstellation. She has her Degree in Journalism and communications. Rainy Likes to spend her free time reading and exploring new places.

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