Animoca Brands raises $1 million to accelerate blockchain strategy
Cash invested by Sun Hung Kai and Lympo
Australian-floated Animoca Brands (ASX:AB1) is accelerating its transition from a mobile games publisher into a blockchain company thanks to new investment.
It’s raised A$1.5 million ($1.1 million) selling new stock to Hong Kong investment firm Sun Hung Kai (A$1 million) and Lithuanian blockchain fitness company Lympo (A$500,000).
Sun Hung Kai’s established network has the potential to significantly accelerate business opportunities.
Animoca and Sun Hung Kai are now exploring joint opportunities and applications for blockchain and AI technologies, while Sun Hung Kai is also advising Animoca in terms of corporate development.
Animoca continues to work with Dapper Labs on the mobile version of CryptoKitties, which is expected to launch later in 2018 exclusively on HTC phones.
Blockchain fitness with Lympo
In addition to funding, the deal with Lympo sees Animoca integrating Lympo’s LYM cryptocurrency into its iOS mobile exercise app 100 Squats Challenge.
Further integration between the two will occur with Lympo committed to investing in the future funding round for Animoca subsidairy OliveX, which focuses on gamified fitness and health apps.
Lympo recently raised around $17 million in its February 2018 ICO.
“Sun Hung Kai’s know-how and established network have the potential to significantly accelerate business opportunities for Animoca Brands,” commented Animoca co-founder Yat Siu.
He added: “The existing collaboration between Lympo and our health and fitness subsidiary OliveX is progressing well. Today we are extremely pleased to see this relationship further solidified by Lympo’s strategic investment in Animoca Brands.”