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Rongchai Wang Nov 12, 2024 06:03
Animoca Brands has raised an additional $10 million for its Mocaverse project, aiming to accelerate Web3 adoption and interoperability with key investors like OKX Ventures and CMCC Global.
Animoca Brands Secures $10 Million for Mocaverse
Animoca Brands has announced the acquisition of an additional $10 million in funding for its Mocaverse initiative. This funding round attracted participation from notable investors, including OKX Ventures, CMCC Global, and Hong Shan, formerly known as Sequoia China. This new investment follows previous investments totaling $31.88 million, aimed at building a robust interoperable infrastructure for consumer crypto adoption, according to [Animoca Brands](https://www.animocabrands.com/animoca-brands-raises-additional-usd10m-for-mocaverse).
Building Interoperable Infrastructure
The funds will be utilized to enhance Mocaverse's mission of accelerating Web3 mass adoption and interoperability. The development will focus on creating an interoperable infrastructure comprising Account, Identity, and Reputation systems for consumer crypto adoption. A significant component is the Realm SDK, a software development kit that allows partners to create reputation-based ecosystems with compatible app experiences.
Expanding the Moca Network
Since the launch of Moca ID, the on-chain identity system, over 1.79 million Moca IDs have been registered with more than 160 Web3 activations. Mocaverse has partnered with companies like Pixels, BLOCKLORDS, and Trust Wallet to broaden its ecosystem. These partnerships aim to integrate large user base ecosystems into the Moca Network, driving consumer crypto adoption.
Strategic Partnerships and Future Prospects
Mocaverse has formed strategic partnerships with entities like the Anime Foundation and MyAnimeList, potentially onboarding over 218 million monthly active users. Additionally, a collaboration with TON Foundation could connect more than 900 million Telegram users to Mocaverse's network. These alliances highlight the project's commitment to expanding its reach and influence in the Web3 space.
Investor and Management Insights
Investors have expressed optimism about Animoca Brands' vision. Jeff Ren from OKX Ventures emphasized the importance of Mocaverse in integrating cultural economies and maximizing network effects. Martin Baumann of CMCC Global praised Animoca Brands as an innovation leader in blockchain consumer applications. Meanwhile, Yat Siu, co-founder and executive chairman of Animoca Brands, reiterated the company's goal to advance digital property rights and promote decentralized systems.
Funding Structure and Future Plans
Animoca Brands is issuing Simple Agreements for Future Equity (SAFEs) to raise the $10 million, with plans to convert these into ordinary shares after six months. Participating investors will also receive utility token warrants for MOCA Coin, priced at $0.113 per token. This strategic funding is set to support the continued growth and development of Mocaverse as a leading platform in the Web3 ecosystem.Image source: Shutterstock
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