Hong Kong-based mobile gaming company Animoca Brands announced on Sunday that it has partnered with Binance’s blockchain network Binance Smart Chain (BSC) to launch a $200 million fund. The reserve will invest in blockchain gaming projects and startups building on BSC.
As per the announcement, Binance and Animoca Brands will contribute up to $100 million each to invest in the “multi-billion dollar crypto niche of GameFi.” Binance will utilize funds from its accelerator arm BSC’s $1B Growth Program to finance the project.
Animoca Brands is currently one of the top names in the GameFi and metaverse industry, with companies such as The Sandbox, Blowfish Studios, and Quidd under its umbrella. The company has also invested in more than 100 popular NFT-related companies such as Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Bitski, Harmony, Alien Worlds, and Star Atlas.
Yat Siu, the Executive Chairman and Co-Founder of Animoca Brands commented on the announcement:
“Early GameFi projects require funding to build their products, and need industry expertise for open-world gameplay and tokenomics, as well as networking opportunities to establish growth in the blockchain gaming and open metaverse. This investment program will provide these necessities to the projects that we think have the potential to take blockchain mainstream.”