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Akira Ming
Akira Ming
Dec 8, 2023
News

Animoca Brands Secures Another $11.88 Million for Mocaverse

The new funds will be used to strengthen Mocaverse's role in Web3 gaming by launching a unique Web3 Frequent Player Program and a digital identity system.
Animoca Brands Secures Another $11.88 Million for Mocaverse

Animoca Brands has announced another $11.88 million in funding for its Mocaverse platform. With the second round of funding, the total amount raised for this project now stands at $31.88 million.

This new round of investment, which follows the $20 million announced on September 11th, saw participation from Web3 entities, such as Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs. Animoca achieved this by issuing new ordinary shares priced at A$4.50 each. To incentivize investors, the firm also offered a free-attaching utility token warrant for every dollar invested.

Mocaverse, touted as a new meta layer for Web3 identity, social, and growth, aims to transform how users interact with digital identities. The project spearheads the Web3 Frequent Player Program, a unique loyalty system powered by Mocaverse loyalty points, known as "Realm Points (RP)." It is designed to offer a seamless onboarding process and foster sustained growth for Web3 projects.

Mocaverse will ease the creation of digital identities and reputation accrual and allow users to earn and spend Realm Points. This can be achieved through active engagement within the platform, supported by Animoca Brands' extensive network. 

A key component is the Moca ID, a digital passport that opens doors to earning Realm Points. RPs can be redeemed for real-life benefits and rewards, improving the user experience. The Frequent Player Program will be decentralized to ease third-party adoption. 

In terms of funding, Animoca has issued Simple Agreements for Future Equity (SAFEs) to professional investors, totaling $11,888,888 (approximately A$18.14 million). These SAFEs will be converted to ordinary shares after six months, with the conversion rate determined by the prevailing AUD:USD exchange rate. Investors also received a free-attaching utility token warrant with a 30-month vesting schedule.

With that, the latest move underscores Animoca Brands' commitment to advancing the accessibility of the Web3 landscape. This positions Mocaverse at the forefront of digital identity systems. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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