WEB3

Animoca to Receive $50M in Saudi Capital

by BSC News

October 30, 2023

chain

The partnership aims to drive Web3 initiatives and innovation within NEOM, in line with Saudi Vision 2030.

Summary

  • Animoca Brands has entered into a strategic partnership with NEOM Company to drive Web3 initiatives and innovation in the region.
  • NEOM Investment Fund will inject $50 million into Animoca Brands, with $25 million provided through convertible notes and the remaining $25 million invested in purchasing Animoca Brands' shares on the secondary market.

Web3 games developer Animoca Brands has announced a strategic partnership with NEOM Company. The partnership, aligned with the Saudi Vision 2030 plan, aims to drive Web3 initiatives and innovation in the region and play a vital role in shaping the future of digital property rights and the open metaverse.

Animoca Brands will work closely with NEOM to develop Web3 enterprise service capabilities with global applications, supporting technological advancements in Saudi Arabia’s capital Riyad, and the NEOM region. The initiatives will encompass the establishment of a Web3 hub within NEOM, nurturing the local Web3 ecosystem and leveraging the extensive expertise from Animoca Brands, its subsidiaries, partners, and investment portfolio.

The collaboration will see the NEOM Investment Fund inject a substantial $50 million into Animoca Brands. Of this, $25 million will be provided through convertible notes at a conversion cap price of A$4.50 per share, while the remaining $25 million will be invested in purchasing Animoca Brands' shares on the secondary market.

Majid Mufti, CEO of NEOM Investment Fund, expressed his enthusiasm about this partnership, stating:

"We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture but also has the potential to revolutionize global industries."

Yat Siu, co-founder and executive chairman of Animoca Brands, who described the growth of the Web3 sector as the “emergence of a new meta-nation” echoed the sentiment of excitement and honor, noting that, "NEOM could well become the first region to fully harness the power of blockchain." 

This partnership not only holds immense promise for the development of Web3 technology but also positions NEOM as a potential leader in blockchain technology and the metaverse, aligning perfectly with the ambitious Saudi Vision 2030 plan.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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