An additional round of $20 million in common stock has been raised by Animoca Brands, a Hong Kong based blockchain gaming operator, for the Mocaverse metaverse project.
This capital has been invested by CMCC Global, Kingsway Capital, Liberty City Ventures, GameFi Ventures, and individuals such as Yat Siu, Animoca Brands’ executive chairman and co-founder.
The funding has led to the formation of Simple Agreements for Future Equity (SAFE) in the form of utility tokens as a replacement for warrants.
The infusion of money will enable Animoca Brands to focus on the development, Web3 adoption, partnerships and expansion of gaming, cultural, and entertainment ecosystems.
The first launch will be Moca IDCollectibles, a huddle of Non-Transferable Tokens to offer digital designations for Mocaverse’s metaverse.
This will provide users the ease to create digital identities, gain reputation, earn and spend loyalty points, among other features.