Animoca Brands Denies Claims of Lowered Fundraising Target and Plummeted Valuation Amid Crypto Turmoil

03/25/2023 06:02 • NFT Newsflash • 140 views

On March 25th, Animoca Brands, a Web3 game developer, denied any claim that it had lowered its fundraising target for the Meta Universe Fund by 20% to $800 million amid the turmoil in the crypto market and banking instability. In addition, the company denied claims that its valuation had plummeted from $6 billion in July 2022 to about $2 billion in March 2023. The company stated that there is no doubt that the FTX and banking crises have had a significant impact on available venture capital, but that funding for the Animoca Capital fund is ongoing. After the financing is completed, we will inform the market of appropriate details, including the final size of the fund.

Animoca denies that its meta universe fund has been cut by $200 million and its valuation has been reduced to $2 billion

In recent times, the cryptocurrency market has been in turmoil due to the negative impact of government regulations, cyber-attacks, and hacking scandals. This instability has caused a significant reduction in funding for various projects in the crypto industry. However, on March 25th, Animoca Brands, a Web3 game developer, denied any claim that it had lowered its fundraising target for the Meta Universe Fund by 20% to $800 million amid the turmoil in the crypto market and banking instability. In addition, the company denied claims that its valuation had plummeted from $6 billion in July 2022 to about $2 billion in March 2023.

History of Animoca Brands

Animoca Brands is a game development company that specializes in blockchain and NFT games. The firm was founded in 2014 by Robby Yung and Yat Siu in Hong Kong, China. The company aims to revolutionize gaming by integrating blockchain technology into the industry, thus making it possible for gamers to own and trade in-game assets as NFTs.

The Meta Universe Fund

The Meta Universe Fund is one of the major funds managed by Animoca Brands. It is designed to invest in the Metaverse, which refers to a future Virtual Reality (VR) space where individuals can interact with each other in a virtual environment. The fund aims to support companies that are building the infrastructure and technology required to create this metaverse.

The Claims

In recent times, there has been news in the crypto industry regarding Animoca Brands. It is believed that the company lowered its fundraising target for the Meta Universe Fund by 20% to $800 million. Additionally, it was claimed that the company’s valuation had plummeted from $6 billion in July 2022 to about $2 billion in March 2023. However, Animoca Brands had denied these claims.

The Response

According to Animoca Brands, the claims made against the company are false. The company stated that the FTX and banking crises have had a significant impact on available venture capital, but that funding for the Animoca Capital fund is ongoing. After the financing is completed, the company will inform the market of appropriate details, including the final size of the fund. The company maintained that its fundraising target for the Meta Universe Fund remains at $1 billion.

Conclusion

In conclusion, Animoca Brands, a Web3 game developer, denies any claim that it has lowered its fundraising target for the Meta Universe Fund by 20% to $800 million amid the turmoil in the crypto market and banking instability. Additionally, the company denied claims that its valuation had plummeted from $6 billion in July 2022 to about $2 billion in March 2023. Despite the negative impact of the FTX and banking crises on venture capital, Animoca Brands affirmed that funding for the Animoca Capital fund is ongoing. Once the financing is completed, the company will release appropriate details, including the final size of the fund.

FAQs

**Q1:** What is Animoca Brands?
**A1:** Animoca Brands is a game development company that specializes in blockchain and NFT games.
**Q2:** What is the Meta Universe Fund?
**A2:** The Meta Universe Fund is a fund managed by Animoca Brands designed to invest in the Metaverse, which refers to a future Virtual Reality (VR) space where individuals can interact with each other in a virtual environment.
**Q3:** Did Animoca Brands lower its fundraising target for the Meta Universe Fund?
**A3:** No, Animoca Brands denied any claim that it had lowered its fundraising target for the Meta Universe Fund by 20% to $800 million amid the turmoil in the crypto market and banking instability.

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