Animoca denies claims that its metaverse fund will be reduced to a scale of 800 million dollars

ChainCatcher news, according to Cointelegraph, Animoca Brands has denied claims that it has lowered its fundraising target for its metaverse fund by 20% to $800 million amid turmoil in the crypto market and instability in the banking sector. Additionally, the company denied reports that its valuation has plummeted from $6 billion in July 2022 to about $2 billion in March 2023.

Animoca Brands co-founder Yat Siu stated in an interview with Cointelegraph that there is no doubt that the FTX and banking crisis has severely impacted available risk capital, but fundraising for the Animoca Capital fund is ongoing. After the financing is completed, we will provide the market with appropriate details, including the final size of the fund.

Earlier, ChainCatcher reported, citing two insiders according to Reuters, that Web3 game developer and investment company Animoca Brands has lowered its target size for the metaverse fund by 20% to $800 million. When Animoca first announced its fund plans last November, its target was $2 billion. It was then halved to $1 billion in January. (Source link)