Animoca Brands and Hex Trust Intend to Offer Financial Services for GameFi

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NFT games operator Animoca Brands and custodian service Hex Trust have announced a joint venture aimed at developing an institutional digital wallet and launch financial services for gamers.

According to the announcement, Hex Trust, which is licensed in Hong Kong and Singapore, will act as custodian and launch financial services for players in the Animoca Brands ecosystem. The parties called this segment a “multi-billion dollar opportunity.”

The companies claim that the main driver of the GameFi segment’s growth is the opportunities provided by blockchain games – users have complete control over their in-game content and can benefit from owning it.

Animoca Brands owns The Sandbox platform, which has raised $93 million in funding from SoftBank and other investors this month. The company itself has previously received almost $90 million from the Rothschild dynasty fund RIT Capital Partners, Huobi and others.

Hex Trust became a partner of the largest bank in the Philippines UnionBank in August. They plan to launch a regulated custodian service together.