Animoca Brands Invests $30 Milllion in Crypto Finacial App, hi
Animoca Brands, a leader in the blockchain gaming industry, has invested $30 million into the Web3 payments app and protocol hi. The move comes as hi plans to implement a Proof of Human Identity solution to complete KYC on its users and deter bots from conducting business on its layer 2 network. As part of the collaboration, hi’s proof-of-human identification capabilities will be used to provide developers with what the firms are calling a “unique-human authentication mechanism.”
The two companies have joined forces to build “deep integration” between their respective networks, with the latter’s services centred on hi’s Web3 financial “super app” and its layer 2 Ethereum sidechain hi Protocol.
Hi is a great match for Animoca Brands
Hi is a Hong Kong-based cryptocurrency exchange startup that integrates crypto trading and mobile banking. Users can sign up for a Mastercard debit card that can be used to make purchases with cryptocurrencies, and the platform also promotes cryptocurrency trading. Animoca’s well-established position in Latin America will also put it in a vantage position to for the company to provide support for corporate accounts.
Animoca is one of the most active investors in the Web3 market, and this investment is part of a new strategic engagement between Hi and the company. In a funding round led by Singapore’s state-investment corporation Temasek last July, Animoca’s valuation rose to about US$6 billion. The company has invested in more than 450 startups to date.
hi, has already acquired digial assets licenses in Lithuania and Italy, and it says it is working to create an intuitive platform where users can save money, make investments, and make payments all in one place. The project also boasts that it has about 3.5 million users, with over a million of them having completed KYC processes.
The first of hi’s avatar-enabled debit cards, announced last year, are expected to begin shipping this quarter. Animoca stated in its release today that it believes the capability will be useful for many of the hundreds of companies in its portfolio.