Animoca Brands Reports $3.4B in Cash and Token Reserves

#Ripple #XRP

Blockchain gaming giant – Animoca Brands – revealed around $3.4 billion in assets in an interim financial update that outlined its key unaudited financial positions as of April 30, 2023.

The Hong Kong-based company announced that it remains financially strong with a cash and stablecoin balance of $194 million.

• The financial statement also reported liquid digital assets of $566 million, including reserves of SAND, the utility token used in The Sandbox platform.
• Additionally, the off-balance sheet token reserves for all other Animoca Brands’ majority-owned Web3 subsidiaries stood at $2.7 billion.
• Animoca is set to publish additional financial updates starting with the audited financial statements for 2020. Subsequently, the company also plans to roll out key financial and business highlights for the full year 2022 and Q1 2023.
• It was earlier reported that the venture capital firm slashed its metaverse fund target to $800 million, with its valuation dropping from $6 billion to $2 billion amid volatility in the crypto market and instability in the banking sector.
• Animoca Brands later refuted claims of scaling back its metaverse fund target.
• After positioning itself as a prominent player in the Web3 industry, Animoca Brand was named the most funded metaverse developer by Nasdaq.
• It even bagged the majority of metaverse deals in 2022, closing 15 deals and receiving more than $564 million in funding.
• The company was last valued at around $6 billion when it raised $110 million in a round announced last September. The funding round was led by Temasek, Boyu Capital, and GGV Capital. Two months later, Animoca raised an additional $75 million in a Liberty City Ventures-led round at the same valuation

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OhNoRipple via https://www.ohnocrypto.com/ @Chayanika Deka, @Khareem Sudlow