Hong Kong crypto game unicorn Animoca Brands invests US$30 million into crypto e...

Hong Kong crypto game unicorn Animoca Brands invests US$30 million into crypto exchange start-up Hi

Hong Kong crypto game unicorn Animoca Brands invests US$30 million into crypto exchange start-up Hi

July 29, 2023 4:15 pm

Blockchain unicorn Animoca Brands is investing US$30 million into Hi, a Hong Kong based cryptocurrency exchange startup.

Former Crypto.com employee Sean Rach was one of the founders of Hi, which was founded in 2021.

The app developed by Hi brings together the functionalities of a cryptocurrency exchange and mobile banking, presenting users with a comprehensive platform. Not only does it facilitate cryptocurrency trading, but it also enables users to acquire a Mastercard debit card, enabling payments using cryptocurrencies. While the majority of users will receive an electronic card, those residing in specific European countries will have the additional option of obtaining a physical card.

According to Animoca CEO Siu, Hi's vision for its NFT debit card aligns perfectly with his perspective on the dynamic relationship between culture and Web3. Hi's Mastercard debit card, designed to accommodate cryptocurrencies, empowers users to personalize their physical cards by featuring an NFT avatar they possess.

With the help of the card service, customers will be able to make payments with fiat or cryptocurrency debit cards

Through this partnership, Hi’s users will gain the ability to send and receive tokens within Animoca's Web3 ecosystem. This includes prominent tokens like The Sandbox's SAND and Apecoin, further enhancing the functionality and accessibility of the platform.

Hi’s platform now has more than 3.5 million users.

In a funding round led by Singapore's state-investment company Temasek last July, Animoca, boasting an extensive investment portfolio of over 450 start-ups, received an impressive valuation of nearly US$6 billion

However, Animoca's valuation has experienced a contraction due to the declining sentiment in the NFT market. The average price of NFT has significantly dropped, reaching a decline of 91.7 per cent since the start of 2022, as reported by the Forkast 500 NFT index. This index monitors real-time data across 21 blockchains, which includes prominent ones like Ethereum, Solana, Polygon, and Cardano.

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