Web3 Identity Project Mocaverse by Animoca Brands Receives 20 Million Dollars in Funding Boost

Crypto News- Web3 identity project Mocaverse by Animoca Brands, a web3-focused investor based in Hong Kong with a keen interest in gaming and the metaverse, has successfully secured $20 million in funding by issuing new ordinary shares for their project known as Mocaverse. Mocaverse is dedicated to crafting web3-native tools tailored for gaming and entertainment products. Animoca Brands envisions Mocaverse as a pivotal identity and point system for the world of web3 gaming, culture, and entertainment.

Web3 Identity Project Mocaverse by Animoca Brands Receives 20 Million Dollars in Funding Boost

The financing round was spearheaded by CMCC Global and saw the participation of prominent investors, including Kingsway Capital, Liberty City Ventures, and GameFi Ventures. Notable figures from the business realm, such as Aleksander Larsen, co-founder of Sky Mavis, and Gabby Dizon, founder of Yield Guild Games, also contributed to the funding endeavor.

In conjunction with this fundraising effort, Animoca Brands has extended to its investors the opportunity to obtain “a utility token warrant, attached at no cost, on a one-to-one dollar basis,” as specified in their official statement.

Moca ID holders are set to enjoy exclusive access to exceptional experiences within the ecosystem while having the opportunity to earn loyalty points through active engagement. These accumulated loyalty points will serve as the foundation for a decentralized and interoperable loyalty system, opening the doors to third-party adoption and seamless integration of Moca ID. This integration is poised to facilitate the accessibility and expansion of Web3.

CMCC Global boasts a track record of early investments in pioneering blockchain ventures such as Ethereum, Solana, and Cosmos.

Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm in a statement, saying, “With a longstanding relationship with Animoca Brands, we are delighted to spearhead the initial round of funding for Mocaverse. This project will unite the diverse portfolio of companies under the Animoca Brands umbrella, serving as a gateway for millions of new users to explore and participate in Web3 and metaverse ecosystems. At CMCC Global, we are committed to supporting visionary founders who are pushing the boundaries of our industry. Yat Siu has repeatedly demonstrated his ability to steer Web3 in innovative directions, and we are thrilled to back him and the Animoca Brands team once again as they embark on the Mocaverse journey.”

The funding was secured through the issuance of Simple Agreements for Future Equity (SAFEs) at a rate of A$4.50 per share. After a six-month period, these SAFEs will automatically convert into ordinary shares. Additionally, participating investors were granted a utility token warrant at no cost, on a one-to-one dollar basis, subject to a vesting schedule spanning 30 months.

Animoca Brands boasts ownership of The Sandbox, Quidd, nWay, and Blowfish Studios. Furthermore, the company holds a diverse portfolio of over 450 Web3 investments, including renowned projects like Axie Infinity, OpenSea, and NBA Top Shot.