Animoca Brands invests US$30m in HK-based Web3 super app hi

Animoca Brands has pumped US$30m in hi, a Hong Kong-based Web3 financial super app and ecosystem. This comes as the two companies’ shared the same vision, which is to amplify the utility of fungible tokens and NFTs within the Web3 space.

The partnership is expected to lead to deep integration between Animoca Brands’ ecosystem and hi’s innovative services that are driving Web3 mass adoption. With a strong focus on boosting the hi ecosystem, anchored by the hi app and the hi Protocol (hiP), which is a scalable, EVM compatible, Sybil-resistant layer-2 sidechain for Ethereum, the two companies will work to provide developers with a unique-human authentication mechanism through hiP’s Proof of Human Identity (PoHI) solution.

Under the partnership, Animoca Brands will support hi’s vision ​​to deliver real-world use cases for cryptocurrencies and utility tokens, allowing users to directly spend and be rewarded with certain tokens used in the Animoca Brands ecosystem, including SAND, EDU, APE, REVV, GMEE, amongst others.

Commenting on the partnership, Yat Siu, the co-founder and executive chairman of Animoca Brands, said: “We are looking forward to investing in and partnering with hi, which is committed to bridging the gap between the fiat and cryptocurrency worlds. As part of this partnership we will collaborate with hi on its continued development of the hi App and the hi Protocol to drive positive impact for the broader Web3 ecosystem.”

Meanwhile, Sean Rach, the co-founder of hi, said, "hi is proud to work closely with Animoca Brands, especially given its experience in backing some of the earliest and most prominent  Web3 companies. By teaming up with Animoca Brands, we will be able to boost the adoption of hi products and services, helping to drive mass adoption for blockchain technology."

Don't miss: Animoca Brands raises US$110 million in funding round led by Temasek

Back in September last year, Animoca Brands closed a strategic funding round for US$110 million (approximately SG$139 million). The strategic consortium of new investors, formed by Temasek, Boyu Capital and GGV Capital, will provide advice to the company as it continues to grow and build its organisational capabilities.

This will include engaging and advising the company on a range of business issues as well as providing input on its business and capital plans. Animoca Brands will use the new capital to continue to fund strategic acquisitions, investments, and product development, secure licenses for popular intellectual properties, and advance the open metaverse, including through its efforts to promote digital property rights for online users. 

Established in 2021, hi is a digital banking platform that provides members with an all-in-one service for savings, investments, payments, and lifestyle benefits. It introduced a debit card featuring NFT avatar customisation with Mastercard last year. With the first cards shipping in Q3 2023, eligible cardholders will be able to personalise the face of their debit card with an NFT avatar they verifiably own, and spend their fiat and digital currencies at more than 90 million locations worldwide.

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