Animoca Brands Corp., a blockchain game maker and venture capitalist based in Hong Kong, has reduced the target amount for its Web 3.0 and metaverse investment fund to US$1 billion from its target. initially amounted to $2 billion, according to Bloomberg.
The company is raising about $1 billion for its new Web3 fund in the first quarter of this year, Animoca President Yat Siu said in a Twitter Spaces chat hosted by Bloomberg.
The Animoca Capital Fund aims to support the growth of startups in Web3 or the next generation of internet technology with a focus on decentralization, often through blockchain.
According to Bloomberg, Siu said the collapse of crypto exchange FTX.com, has severely affected about a dozen of Animoca’s investments, including the game Star Atlas.
Despite the shock from FTX, Siu said some of Animoca’s subsidiaries have raised capital and interest in the cryptocurrency persists.
“The biggest damage to FTX is not so much financial… but reputational damage and institutional damage, and especially the US institutional damage,” Siu said in an interview . December consultation with Forkast .
Animoca founder says Asia is still ‘moving on’ from FTX failure
FTX, once the world’s second-largest exchange , filed for bankruptcy in November after revealing poor governance that affected other major crypto giants such as Genesis and Gemini .