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Hong Kong blockchain gaming startup hits $5bn valuation

Animoca Brands raises $359m as race to lead industry heats up

Animoca's fourth deal since May in a young but rapidly growing industry that combines cryptocurrency and gaming. (Photo by Yuki Kohara) 

TOKYO -- Animoca Brands, a Hong Kong-based developer of games using blockchain technology, said on Tuesday it raised $359 million in a funding round at a valuation of $5 billion.

The deal marked the company's fourth round of funding since last May, highlighting the race among startups to lead a nascent but rapidly growing industry that combines cryptocurrency and gaming.

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