Blockchain game and metaverse company Animoca Brands announced on Thursday that it has partnered with Hong Kong-based crypto custodian Hex Trust to launch a joint venture that aims to offer institutional digital asset wallets and financial services for online gamers.
The press release highlighted the problems faced by gamers, such as the lack of digital wallet solutions for storing crypto tokens earned by them and access to financial services. The new joint venture aims to solve this problem.
Licensed by Hong Kong and Singapore, Hex Trust offers crypto custody services to banks, financial institutions, and digital asset companies. Meanwhile, Animoca Brands is a leading blockchain game publisher which has released popular games, including “The Sandbox” and “Arc8”.
With a valuation of $2.2 billion as of October, Animoca Brands has invested in more than 100 blockchain companies such as Sky Mavis, which develops Axie Infinity, Dapper Labs, which provides NBA Top Shot, and the NFT marketplace OpenSea. Animoca Brands also invested in and led the Hex Trust’s $ 10 million funding round in October.
As per the announcement, Hex Trust will offer its digital asset wallet technology and custody infrastructure to gamers in Animoca Brands’ ecosystem.
“The joint venture with Hex Trust will enable gamers to access a greater range of financial opportunities and services without the complexity and concerns that first-time blockchain users might encounter when first entering the world of DeFi and GameFi,” said Yat Siu, the executive chairman and co-founder of Animoca Brands, in the announcement.
Adding to it, Alessio Quaglini, CEO and co-founder of Hex Trust, commented:
“GameFi is proving to be the second killer app and will further increase adoption of blockchain outside, or in parallel with, financial markets. We believe that GameFi will follow the same process of institutionalization we experienced in the cryptocurrency market and we want Hex Trust to be at the forefront of this incredibly interesting market.”