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Blockchain group Animoca to form metaverse fund

Co-founder says up to $2bn vehicle focuses on mid- to late-stage startups

Animoca Brands co-founder Yat Siu describes the planned fund as "a good entry point" for Web3 businesses.  (Photo by Kentaro Iwamoto)

TOKYO/HONG KONG -- Hong Kong-based blockchain gaming group Animoca Brands plans to launch a fund of up to $2 billion to invest in metaverse businesses, according to company co-founder and Executive Chairman Yat Siu.

Animoca is known for the Sandbox metaverse game that allows users to buy plots of digital land and decorate them using non-fungible tokens (NFT) -- a type of digital asset traded on the blockchain. Animoca's investors include Singapore state fund Temasek, GGV Capital of the U.S. and South Korea's Mirae Asset Management, and has a valuation of over $5 billion as of its latest fundraising.

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