Animoca Brands co-founder and executive chairman, Yat Siu, believes in the enormous potential of Web3-based personalization, as his company allocates $30 million for the neobank platform Hi. The investment firm plans to back a Web3 application that combines cryptocurrency exchange, digital banking services, and a customizable non-fungible token (NFT)-style crypto debit card product, enhancing its growing ecosystem.
Hi's flagship crypto-friendly debit MasterCard allows users to personalize their physical card with an NFT avatar they own, aligning with Siu's vision of the interplay between culture and Web3. This focus on personalization allows users to express themselves and their individuality in new and exciting ways through the power of Web3.
At the core of the Hi ecosystem lies the potential to enhance the utility of various Web3 tokens and NFTs. It features Web3-integrated financial applications and the Hi protocol, a sidechain compatible with the Ethereum Virtual Machine. The protocol aims to drive the adoption of "unique human authentication mechanisms" through its human identity proof solution. Hi's co-founder, Sean Rac, explained that the protocol addresses a Web2-era flaw where a few dominant companies gained control over user data and identities, while Hi's approach uses a two -node structure to validate human-owned accounts and secure the network.
The partnership between Animoca and Hi will enable users to send and receive Animoca Web3 ecosystem tokens, including popular tokens like The Sandbox's SAND and ape coins. The Web3 application already boasts over 3.5 million users.
The platform allows users to pay with fiat or crypto debit cards at around 90 million merchants served by Mastercard worldwide, aiming to compete in the neobank space alongside platforms like Revolut and N26. Hi's focus on Web3 is expected to attract supporters and enthusiasts who wish to showcase their precious NFTs, such as Bored Ape Yacht Club, Meebit, or Pudgy Penguin NFTs.
Siu's investment is driven by the belief that Hi will bring new users to Web3 and bolster Animoca's brands like The Sandbox. The investment will commence once the final agreement between the two parties is signed. Hi has received approval from Lithuania's Virtual Asset Service Pro vider (VASP ) and has been recognized as a digital currency operator by Italy's payment services regulator. The platform is also in the process of pre-registration to obtain a VASP license with the Securities and Futures Commission of Hong Kong.
Animoca Brands Continues to Heavily Invest in Blockchain Gaming and Web3 Projects, AWAITING Regulatory in Hong Kong For its Proposed Meta Verse Fund. With its onGoing Investments, The Company Positions ITSELF to Capitalize on the Growing Potential of the Web3 Space.
