Animoca Brands’ Takes its Web3 Investment to the Middle Eastern Region

Animoca Brands, a Hong Kong blockchain-based video gaming organization is making substantial investments in Web3 start-ups. Also, it is working on expanding its operations in the Middle Eastern area following the business alliance between the Hong Kong government and the area.

Animoca Brands intends to fund millions of dollars in the Middle East, according to co-founder and executive chairman Yat Siu. Animoca Brands’ investors include Sequoia China and Temasek Holdings from Singapore.

Siu while speaking with the South China Morning Post said that the region’s emerging markets provide excellent opportunities. This is possible due to the area’s crypto-friendly policies, robust gaming lifestyle, and large youth population.

Animoca Brand and Manga Production Partnership

As part of its upcoming initiatives for the Middle East, Animoca Brands has launched a relationship with Manga Productions. Manga Productions is a Mohammed bin Salman “MiSK” Foundation division. The “MiSK” foundation is a Saudi Arabian institution established by the crown prince.

Animoca Brands recently signed a strategic partnership with the Middle East-based @manga_prd to launch #Web3 products in the #MENA region, which become a magnet for investments and partnerships working on Web3 and #metaverse projects. https://t.co/3axt8UppEb

— Animoca Brands (@animocabrands) March 10, 2023

Animoca Brands and Manga Productions will work closely together through the partnership in a number of important areas. Manga Productions primarily concentrates on producing cartoons, comics, and video games. Hence, the two businesses will work together to create a Web3 project using Manga Productions’ content. The companies will focus on developing Web3 projects on the Animoca Brands’ broad ecosystem. Also, they will leverage Manga Productions’ premium content profile in the Middle East.

Also, Animoca Brands intends to leverage its operational and commercial skills to open doors for talents in key disciplines. The firm has begun preliminary talks with Saudi academic institutions to establish a core blockchain curriculum.

Making Hong Kong Cryptocurrency Friendly

The development comes after Hong Kong’s top executive, John Lee Ka-chiu, visited Saudi Arabia and the United Arab Emirates (UAE) last month. The visit comes as an effort to forge new commercial relations with the region. Prior to this, the city had declared its intention to become a center for virtual assets.

It did this by modernizing its regulatory framework to welcome retail engagement and provide better legal certainty on cryptocurrencies. Dubai, the most populated city in UAE, has also positioned itself as a crypto-friendly state.

Attracting businesses back to Hong Kong has been the authorities’ goal since the introduction of virtual asset plans in October 2022. This includes enabling exchange-traded funds for crypto futures and issuing the world’s first state-tokenized green bonds.

The featutred image is from wikipedia.com