Hi claims to have more than 3.5 million global users with over one million having already passed the know-your-customer checks. The post Animoca Brands Expands Web3 Strategy with $30M Investment in Hong Kong-Based Super App appeared first on NFTgators .
Quick take:
- Animoca Brands has invested $30 million in Hi, a local mobile banking and crypto exchange services provider.
- The crypto startup recently launched a trading platform exclusively for Hong Kong residents.
- Hong Kong recently introduced a policy that bars crypto companies from promoting or offering their products without a licence from the Securities and Futures Commission.
Animoca Brands has invested $30 million in Hi, a Hong Kong-based mobile banking services and crypto exchange company. The investment comes at a time when the industry is experiencing a slump in capital injection from VCs.
So what convinced the Hong Kong-based web3 investment company to make such a big bet at this time?
First, Hi is a Super App, renowned for partnering with Mastercard to customise credit cards with NFTs. The web3 startup offers mobile banking services and recently received a licence to offer trading services in Hong Kong.
Animoca Brands has established itself as one of the leading investors in the web3 space with leading metaverse platforms like The Sandbox, and several blockchain games.
The company has created a portfolio of more than 170 companies including those it holds major stakes.
Having tapped Mastercard to personalise credit cards with NFTs, Hi thinks it can leverage Animoca Brands’ huge portfolio of companies to create similar experiences.
“There are many areas for collaboration. This will undoubtedly enhance awareness and offer valuable opportunities for user onboarding within their ecosystem.”
“One of the key advantages will be enabling our users to make direct transactions with tokens from the Animoca Brands ecosystem such as SAND, EDU, APE, REVV, GMEE, and others through Hi Debit Cards,” hi’s co-founder Sean Rach told Decrypt.
The crypto startup has already made significant progress in securing crypto promotion and exchange operations in Hong Kong.
The company recently launched a separate trading platform exclusively available to Hong Kong residents. Hi says it has already secured pre-registration activities under the supervision of the Hong Kong Securities and Futures Commission (SFC), thus securing a licence as a virtual trading platform, SCMP reported.
According to Hi, its global platform has already onboarded more than 3.5 million users, with more than 1 million passing the know-your-customer checks, required under the new SFC rules.
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The post Animoca Brands Expands Web3 Strategy with $30M Investment in Hong Kong-Based Super App appeared first on NFTgators .