1. Animoca Brands has secured $75 million in a funding round that values the Hong Kong-based company at $5.9 billion.
2. The round is a second tranche of the $358,888,888 fundraising announced in January, which was extended for due diligence purposes.
3. The proceeds will be used for acquisitions and investments, Animoca said, as well as product development and licenses for intellectual properties.
4. Animocas latest move to bag more capital comes as the crypto market continues its descent into the doldrums.
5. The market value of all cryptocurrencies has plummeted 70% from its peak of $3 trillion in November, according to tracker CoinGecko.
6. Yat Siu, cofounder and chairman of Animoca, said in an email that the current crypto climate has also enabled some users to gain a better entry point to the open metaverse.
7. Animoca was established in 2014 to develop smartphone and tablet games. The company ventured into blockchain gaming in around 2018, creating mega hits such as the Sandbox, a decentralized virtual world.