Animoca Brands, a company specializing in blockchain and video games, has recently secured an additional $10 million in funding for its Mocaverse project. This latest investment round attracted key investors, such as OKX Ventures, CMCC Global, and Hong Shan (previously known as Sequoia China), bringing the total funding for the Mocaverse to $31.88 million.
The purpose of this funding is to build a robust and interoperable infrastructure for consumer cryptocurrency adoption. With the additional funds, Mocaverse aims to accelerate Web3 mass adoption and interoperability. The development will focus on creating an interoperable infrastructure, including Account, Identity, and Reputation systems, to facilitate consumer crypto adoption.
One of the significant components of this initiative is the Realm SDK, a software development kit that allows partners to create reputation-based ecosystems with compatible app experiences. Since the launch of Moca ID, an on-chain identity system, more than 1.79 million Moca IDs have been registered, with over 160 Web3 activations.
Mocaverse has partnered with companies like Pixels, BLOCKLORDS, and Trust Wallet to expand its ecosystem, integrating large user base ecosystems into the Moca Network and driving consumer crypto adoption. Mocaverse has also formed strategic partnerships with entities such as the Anime Foundation and MyAnimeList, which could potentially onboard over 218 million monthly active users.
Furthermore, a collaboration with TON Foundation has the potential to connect more than 900 million Telegram users to Mocaverse’s network. These alliances showcase the project’s commitment to expanding its reach and influence within the Web3 space. 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 from CMCC Global praised Animoca Brands as an innovation leader in blockchain consumer applications. Yat Siu, co-founder and executive chairman of Animoca Brands, reiterated the company’s goal to advance digital property rights and promote decentralized systems.
The funding structure for this $10 million includes the issuance of Simple Agreements for Future Equity (SAFEs) and the conversion of 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.
