As the crypto winter worsens, Animoca Brands' valuation reaches $5.9 billion
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| Animoca Brands' valuation reaches $5.9 billion |
Animoca Brands, a blockchain game developer and cryptocurrency investor, has raised $75 million in a fundraising round, valuing the Hong Kong-based business at $5.9 billion.
Existing backers Liberty City Ventures, Kingsway Capital, and 10T Holdings are among the investors in the round, according to Animoca's announcement on Tuesday. The round is a continuation of the $358,888,888 fundraising effort that was first announced in January but was postponed to allow for due diligence.
According to Animoca, the money will be used on investments, product development, and intellectual property licenses, in addition to acquisitions.
The latest attempt by Animoca to raise funds comes as the cryptocurrency market continues to tank. Some of its counterparties are frantically trying to reclaim damages and retrieve assets as a result of the bankruptcy of Singapore-based cryptocurrency hedge fund Three Arrows Capital.
All cryptocurrencies' market value has decreased by 70% since peaking at $3 trillion in November.
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