NFT Games Developer Animoca Brands Raises $50 M from Coinbase

Sahaj  |  Jul 2, 2021

As revealed recently, the NFT games developing firm Animoca Brands has stretched its $88.88 million fundraising round involving Coinbase Ventures and other investors. The company has disclosed that it has uplifted the investment round further with the addition of more investors.

Animoca Brands, the NFT Games Developing Firm Secures Funding From Coinbase

The recent investment of $50 million from Coinbase has added to the already existing $88.88 million funds of the company and the total now stands at $138.88 million. 

Revealing further details regarding the valuation of the company, the officials said that the additional fund was raised at the same $1 billion valuations which was first disclosed in the month of May.

Coinbase Ventures, which is the investment segment of the leading cryptocurrency exchange  Coinbase has recently registered its name in the list of major investors that are backing Animoca. The list includes other significant names such as Samsung Venture Investment Corporation and Razer’s zVentures.

Talking further about Animoca Brands, it focuses on video games that are built on blockchain around the non-fungible tokens, NFT, which facilitates the user with play-to-earn gameplay models.

Details Regarding the Initial Funding Round and NFT-Centric Game Development 

The initial funding round of $88.88 that held in the month of May included investors such as RIT Capital Partners, Kingsway Capital, Metapurse, Huobi, and HashKey Fintech Investment Fund.

At present, the firm is reportedly in the development stages of the game that are based on MotoGP, Manchester City FC, and Bratz. Moreover, another significant move of the company was to partner with Atari for the release of crypto-infused versions of classic games.

In addition to the news of the recent fundraising round, Animoca Brands revealed today that the company is going to mark its unicorn status for attaining a valuation of $1 billion by the creation of NFTs for both its investors and partners.

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