Animoca Brands invests $30 million in Hong Kong Super App Hi
Animoca Brands has put $30 million into Hi, a Hong Kong mobile banking and crypto exchange platform. Hi partnered with Mastercard to let users customize credit cards with NFTs, and the company recently secured a trading license in Hong Kong.
Animoca Brands operates one of the largest web3 investment portfolios in gaming, with stakes in over 170 companies including The Sandbox and multiple blockchain game studios.
Yat Siu, Animoca Brands co-founder and executive chairman, sees Hi as a natural extension of the company's metaverse strategy:
"Hi is a mass consumer audience product that will familiarize its users with Web3 and will be able to appeal both to users that are already part of Animoca Brands' core gaming, education and cultural audience, as well as those outside of those areas. When mass adoption increases it will bring further awareness and strengthening of digital property rights, which will accelerate the emergence of the open metaverse. Our view is that hi.com can play an important role in that future."
Hi plans to use Animoca's portfolio reach to expand its NFT credit card concept across more companies and platforms.
Sean Rach, Hi co-founder, outlined the collaboration potential:
"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 reports 3.5 million users on its platform, with over 1 million completing the know-your-customer verification process required under Hong Kong's Securities and Futures Commission regulations.
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