According to a report from Bloomberg, Yat Siu, the co-founder of the globally recognized game developer Animoca Brands, has stated their intention to establish a fund of approximately 1 billion dollars.
This fund is earmarked for investment in Web3 and metaverse companies. Siu had earlier revealed plans in late November to set up a $2 billion fund dedicated to this sector.
FTX’s Bankruptcy Affects The Company’s Initiatives
In an interview conducted via Twitter Spaces, Yat Siu, the co-founder of the Hong Kong-based Animoca Brands, mentioned that Animoca Capital is planning to secure approximately $1 billion this quarter for funding Web3 and metaverse initiatives.
This announcement follows Siu’s statement to Nikkei in November, where he expressed an aim to raise $2 billion for investing in Animoca’s mid- and late-stage Web3 and metaverse projects within the industry.
This development comes in the wake of the cryptocurrency sector reeling from the dramatic collapse of Sam Bankman-Fried’s FTX in November. Speaking to Bloomberg, Siu revealed that the bankruptcy of the crypto exchange had impacted nearly a dozen startups within Animoca Capital’s portfolio.
While discussing Animoca Capital’s intentions with Bloomberg, Siu noted, “We’ll see what happens in the first quarter and beyond.” He acknowledged that the current market conditions might lead to the fund raising less capital than initially targeted. However, he also highlighted that there is substantial interest in this endeavor.
One of Web3’s Most Prolific Investors
A spokesperson for Animoca Brands stated that as of December 6, the company had invested in over 380 projects, positioning it as one of the most active investors in the Web3 space. However, managing the accounting for such a vast array of tokens has presented challenges.
The company recently requested more time to submit its audited financial report for 2020 to Australian regulators, a report that was due at the end of the previous year. This request for an extension was granted by the regulatory authorities.
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