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What Will Happen to the $ 200 million Investment Organized by Animoca and Binance?


What Will Happen to the $ 200 million Investment Organized by Animoca and Binance?

Fewer investments closed thanks to the $200 million sponsorship program that Animoca Brands and BNB Chain unveiled a year ago. The news comes as Animoca prepares to issue a new $2 billion bond issue next term. In December 2021, before the start of the crypto winter, Animoca Brands and Binance Smart Chain (now known as BNB Chain) announced a new $200 million investment program for crypto game startups. A year later, it appears that a few investments have been made.

Data provided by Dealroom shows that Animoca, a web3 player in the software giant, and Binance Labs, the investment arm of the crypto exchange, have participated in the same fund together only three times since the event – which aims to start games that built on BNB Chain – revealed. Even these contracts do not appear to have resulted from financial support investments.

The recipients in question are crypto game startups Heroes of Mavia, Community Gaming, and Tatsumeeko, who raised $5.5 million, $16 million, and $7.5 million, respectively, between January and June of this year. A person familiar with the matter said that none of these colors were made under the financial support program. This is logical, because Heroes of Mavia is built on Ethereum, Tatsumeeko on Ethereum and Solana, and Gambling is not a game at all, but a platform that provides esports equipment.

Few Take

Asked about the program’s progress, an Animoca spokesperson pointed to half a dozen other “partnerships” that Animoca has made with Binance – with BlinkMoon, CryptoSlam, Avocado Guild, GuildFi, Gamee and LiveArtX – and how many How much is possible, and these people do. It did not appear to be part of the $200 million program.

Avocado Guild and GuildFi players raised funds before the event began; CryptoSlam is an NFT data aggregator, not a BNB Chain developer; LiveArtX is a digital art business and discovery site; while Animoca acquired Gamee in 2020 and only received strategic funding from Binance Labs in February of this year. BlinkMoon Game Studio can only fulfill the criteria for the event. Although the so-called crypto winter is one factor that can cause the event to start slowly, another is that the crypto gambling industry is still in its infancy.

He added, “Without hard and fast hardware, we can’t do great gamefi projects.” The investment process seems to have changed. “The fund started with missions, but we allowed it to expand to other areas, such as guilds that we think are good for the game environment, because it makes sense.

We have put money and continue to cooperate, so it is not surprising that, due to the events of 2022, investment is slower than expected, “said Regina. Animoca and BNB Chain have worked together, he said, through “frequent sharing of information, contract agreements, interaction opportunities across the two ecosystems,” and added that he “cannot reveal the full story. ‘the level of our relationship ‘.

Another notable Binance and Animoca partnership is Axie Infinity creator Sky Mavis raising $150 million in April, the day after he lost $540 million in a hack. But Block later revealed that Binance had reduced a large amount of its investment in this round – an investment that would not have met the criteria for the investment program anyway.

“Mass Acceptance of Cryptography”

At the time of his announcement, Regina of BNB Chain said in a blog post that “the real world, the use case of large-scale gaming makes it one of the main areas of focus for the adoption of crypto to connect people and -Marketing in the World Wide Web. 3.0”.

The event is part of BNB Chain’s $1 billion growth plan, with $100 million of that pot earmarked for investment in Animoca, which also provided $100 million.

Animoca Brands is probably the most active crypto gaming investor in the world. His hundreds of bets include The Sandbox, Dapper Labs and Star Atlas. Although the partnership with Binance has ended, Animoca has been anything but useless. The Hong Kong company made more than 60 investments in the first half of this year. Last week, the founder of Animoca Yat Siu said that the company plans to launch a new fund of up to $ 2 billion in size to invest in the mid-to-late metaverse industry.

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